Recession Fears, Trade Shifts Whipsaw Global Grain Markets
Growing fears of a global recession and easing concerns over world food shortages are reversing a sharp rally in grain markets, but pressure on food supplies could linger for years, executives and agricultural economists say.
Prices for agricultural commodities such as corn and wheat have tumbled in recent weeks following a monthslong surge touched off by Russia’s invasion of Ukraine in late February. War between the two agricultural giants drove futures prices for wheat at the Chicago Board of Trade up by $4 a bushel in March, but prices since then have fallen back below prewar levels, dropping more than $5 a bushel, or 40%.
