Zero Hedge: The Price Of Half The World's Staple Food Is Up 70% In 2020
First the good news: after soaring to record highs one month ago due to widespread shutdowns of meat processing plants and supply chain impairments, wholesale beef prices have tumbled sharply and are just barely higher than where they were before the coronavirus pandemic struck.
Now the not so good news: as Bank of America's Michael Hartnett notes in his Flow Show today, while beef may be affordable again, rice - the staple food for half of world's population - is becoming increasingly unaffordable, "surging 70% since Jan on COVID-19 labor supply chain hit & stockpiling."
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Update: Agriculture markets eye normality as countries ease export restrictions (Global Platts)
WNU Editor: Rice is a food staple for half the world. Massive price increases like this hurt everyone.
