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Prices: China grabs more than half of the world's wheat

Coldiretti: "farmers throttled, costs are flying, from energy to feed, from fertilizers to transport"

By the first half of the agricultural year 2022, China will have acquired 69% of the world reserves of maize for livestock feed but also 60% of rice and 51% of wheat at the basis of human nutrition in the various continents, resulting in sharp price increases across the globe and famines. This is what Coldiretti says on the basis of Nikkei Asia's analysis of data from the American Department of Agriculture (USDA).

The effects are confirmed by the prices of food raw materials which have reached a worldwide maximum in over ten years, driven by strong increases for vegetable oils, sugar and cereals based on the FAO index in November 2021 which reached its maximum value since June 2011 due to an increase of 27.3% compared to the same month of the previous year. The emergency for Europe therefore extends from gas to agricultural food products where the international prices of cereals, which grew by 23.2% compared to the same month of the previous year, are pulling the sprint, while dairy products rise by 19%, sugar increased by over 40% and vegetable fats jumped by as much as 51.4% compared to last year.

The Covid pandemic is triggering a new short circuit on the raw materials front, from gas to the national agricultural sector which has already experienced the failures of price volatility in a country like Italy which is heavily deficient in some sectors and needs a plan of production and storage enhancement for the main commodities, from wheat to corn up to the expected national protein plan for feeding farm animals to regain competitiveness with respect to foreign competitors.

In the immediate future, the Association argues, however, it is necessary to guarantee the financial sustainability of the companies and stables so that the prices paid to farmers and breeders do not fall below the rapidly increasing production costs due to the increase in the prices of raw materials also at the base of the feeding of animals. "The PNRR is essential to face the challenges of the ecological and digital transition and we are ready to make agriculture a protagonist by making the best use of the more than 6 billion euros available", said the president of Coldiretti Ettore Prandini.

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EFA News - European Food Agency
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