Daily Stock News | Daily Stocks Markets Report
  • Home
  • Stock News
    • All
    • Dow Jones
    • Nasdaq
    • s&p 500
    BTAI, ATHA stocks gain as Mizuho launches coverage on SMID cap neuro names (NASDAQ:ITCI)

    Meta drives surge in Nasdaq and S&P 500; Dow slips

    S&P 500 closes higher on Wednesday, Nasdaq adds 2% as investors look past Fed’s rate hike

    S&P 500 closes higher on Wednesday, Nasdaq adds 2% as investors look past Fed’s rate hike

    Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Boosted by Mutual of America Capital

    Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Boosted by Mutual of America Capital

    Amazon Q4 Earnings Could Smash Expectations (NASDAQ:AMZN)

    Amazon Q4 Earnings Could Smash Expectations (NASDAQ:AMZN)

    Wall Street loses value near 1%, S&P 500 heads for best January since 2019

    Wall Street loses value near 1%, S&P 500 heads for best January since 2019

    This FTSE 100 stock has £1bn in Tesla and SpaceX. Is it a buy?

    This FTSE 100 stock has £1bn in Tesla and SpaceX. Is it a buy?

    Analysts’ consensus recommendation for Stratasys Ltd. (NASDAQ:SSYS) is “Hold.”

    Bordeaux Wealth Advisors LLC buys 45,396 Upstart Holdings, Inc. shares (NASDAQ:UPST)

    Expect A Dollar Breakout and Potentially a S&P 500 Trend Next Week with FOMC On Tap

    Expect A Dollar Breakout and Potentially a S&P 500 Trend Next Week with FOMC On Tap

    Dow opens 150 points lower as latest stock rally fizzles on Wall Street

    Dow opens 150 points lower as latest stock rally fizzles on Wall Street

    • Dow Jones
    • Nasdaq
    • s&p 500
  • top stocks
  • stock futures
  • investing
  • top stock companies
  • Business
  • Economy
  • Markets
  • Penny Stocks
  • Home
  • Stock News
    • All
    • Dow Jones
    • Nasdaq
    • s&p 500
    BTAI, ATHA stocks gain as Mizuho launches coverage on SMID cap neuro names (NASDAQ:ITCI)

    Meta drives surge in Nasdaq and S&P 500; Dow slips

    S&P 500 closes higher on Wednesday, Nasdaq adds 2% as investors look past Fed’s rate hike

    S&P 500 closes higher on Wednesday, Nasdaq adds 2% as investors look past Fed’s rate hike

    Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Boosted by Mutual of America Capital

    Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Boosted by Mutual of America Capital

    Amazon Q4 Earnings Could Smash Expectations (NASDAQ:AMZN)

    Amazon Q4 Earnings Could Smash Expectations (NASDAQ:AMZN)

    Wall Street loses value near 1%, S&P 500 heads for best January since 2019

    Wall Street loses value near 1%, S&P 500 heads for best January since 2019

    This FTSE 100 stock has £1bn in Tesla and SpaceX. Is it a buy?

    This FTSE 100 stock has £1bn in Tesla and SpaceX. Is it a buy?

    Analysts’ consensus recommendation for Stratasys Ltd. (NASDAQ:SSYS) is “Hold.”

    Bordeaux Wealth Advisors LLC buys 45,396 Upstart Holdings, Inc. shares (NASDAQ:UPST)

    Expect A Dollar Breakout and Potentially a S&P 500 Trend Next Week with FOMC On Tap

    Expect A Dollar Breakout and Potentially a S&P 500 Trend Next Week with FOMC On Tap

    Dow opens 150 points lower as latest stock rally fizzles on Wall Street

    Dow opens 150 points lower as latest stock rally fizzles on Wall Street

    • Dow Jones
    • Nasdaq
    • s&p 500
  • top stocks
  • stock futures
  • investing
  • top stock companies
  • Business
  • Economy
  • Markets
  • Penny Stocks
No Result
View All Result
Daily Stock News | Daily Stocks Markets Report
No Result
View All Result

War and Weather Sent Food Prices Soaring. Now, China’s Harvest Is Uncertain.

War and Weather Sent Food Prices Soaring. Now, China’s Harvest Is Uncertain.


PINGGU, China — From village to village, the wheat crops in China have been inconsistent this season.

One field on the flat plains east of Beijing was patchy, with knee-high emerald stalks in some spots while almost bald elsewhere, damaged by the torrential rains of last autumn. The next village over, a luxurious wheat crop was thriving after this spring’s bright sunshine and slow, soaking rains.

China’s winter wheat harvest next month is one of the big uncertainties in a global economy already struggling with high commodity prices, particularly in regions heavily dependent on crops from Russia and Ukraine. If the Chinese harvest is bad in the coming weeks, it could drive food prices up further, compounding hunger and poverty in the world’s poorest countries.

Global food prices have already climbed sharply, with wheat up nearly 80 percent since July.

It has been a perfect storm of war and weather.

Russia’s invasion, including a blockade of ports, has disrupted supplies from Ukraine, a leading grain exporter long known as Europe’s breadbasket. The United Nations World Food Program called last week for the immediate reopening of Ukrainian ports, “before the current global hunger crisis spins out of control.”

Energy prices have been rising since before the war, prompting many fertilizer producers to slow or close their factories. As fertilizer costs soar, many farmers around the world are using less, contributing to smaller harvests.

Poor weather has added to the challenges. It has been scorchingly hot this spring in India, a large wheat exporter, while drought has hurt the crops in the southern Great Plains of the United States and in East Africa.

It has been a double blow for East African nations, including Somalia, Kenya and Ethiopia, which are heavily dependent on Russia and Ukraine for the bulk of their wheat imports. Bread prices have doubled in some areas. The World Food Program warned last Friday, “44 million people around the world are marching toward starvation.”

China, the world’s largest producer and consumer of wheat, is the next pressure point for prices.

Deluges last autumn left the soil so waterlogged that the wheat could not easily take root, said Ren Ruixia, a 45-year-old farmhand, as she surveyed a wheat field that looked like it had a bad haircut. Coronavirus lockdowns also delayed the arrival of fertilizer, she said.

“Right now, it seems that the harvest is definitely affected,” Ms. Ren said in late April. “But it also depends on the weather next month — how much rain we have.”

The adequacy of food supplies has long been a top issue in China, where tens of millions of people died of famine in the early 1960s during Mao’s disastrous agricultural experiments. Stringently enforced rules require that a large share of the country’s acreage — 463,000 square miles, larger than Texas — be farmed. Rural villages are sometimes bulldozed to maintain the national target for acres under cultivation.

Xi Jinping, China’s top leader, has made food security a paramount focus, notably when commodities became a trade issue with the United States during the Trump administration.

“In the future, the demand for food will continue to increase, and the balance between supply and demand will become tighter and tighter,” he warned in a policy speech published March 31 in Qiushi, the Chinese Communist Party’s leading theoretical journal. “In addition, the international situation is complicated and severe, and we must always be on high alert to ensure food security.”

China’s agriculture minister, Tang Renjian, stirred international concern in early March when he said the wheat crop would be the worst on record because of the deluge last fall. Other agriculture ministry officials have issued warnings, although not quite as downbeat.

Western experts analyzing satellite photos of the Chinese crop have generally been less worried than Chinese officials. The U.S. Department of Agriculture estimated last month that China’s wheat crop would be 3 percent smaller than last year’s.

“I don’t think it’s going to be a disaster, but I don’t think it is a normal crop, either,” said Darin Friedrichs, a founder and market research director at Sitonia Consulting, a Shanghai commodities analysis firm.

Top Chinese officials have issued pessimistic warnings in the past, notably in 2011, to make sure lower-level officials pay close attention to the harvest. A global food shortage may be making Chinese officials especially cautious this year.

China has a sizable stockpile of wheat for emergencies. But some of the wheat may be fit only for animal consumption given the poor storage, said Joseph W. Glauber, a senior research fellow at the International Food Policy Research Institute in Washington.

The Latest on China: Key Things to Know


Card 1 of 4

A new security deal. The Solomon Islands signed a sweeping security agreement with China that could threaten the stability of the entire Asia-Pacific region. The deal gives Beijing a foothold in an island chain that played a decisive role in World War II and could be used to block vital shipping lanes.

A pause on wealth redistribution. For much of last year, China’s top leader, Xi Jinping, waged a fierce campaign to narrow social inequalities and usher in a new era of “common prosperity.” Now, as the economic outlook is increasingly clouded, the Communist Party is putting its campaign on the back burner.

“The international situation is complicated and severe, and we must always be on high alert to ensure food security — we’d rather produce more and increase reserves,” Mr. Xi said in the remarks issued at the end of March.

The coronavirus is complicating matters. Lockdowns this spring have disrupted farming in big agricultural areas like Jilin Province. And many families, barred from leaving their apartments to go grocery shopping, have struggled to find enough food.

Some people have been stockpiling, worried they might face the same lockdown restrictions. Cai Wenling, a 43-year-old resident of Chongqing, said she had bought four gallons of rapeseed oil, nearly 100 bottles of mineral water, four weeks’ worth of milk and so much pork, beef and chicken that her refrigerator and freezer were full. She still plans to buy another 110 pounds of rice.

“Although I stocked up, I still feel confident in Chongqing’s epidemic prevention.” Ms. Cai said, “For middle-aged people like us, we would be more conservative when we consider things. We have the confidence, but preparedness averts peril.”

China’s nervousness about its food stocks could ripple through the global supply chain.

China has the world’s largest foreign currency reserves, so it has the ability to buy as much wheat as it needs in world markets. But doing so could push the price of wheat even higher, making it unaffordable in many poor countries.

China’s next move will come down to the harvest.

In villages around Pinggu, wheat farmers gave varying assessments. Much depends on how well drained their fields are, but everyone agreed that the rain last autumn had been remarkable.

The rain came down in torrents week after week in the wheat belt of China, drowning hundreds of people in tunnels and along riverbanks. In Pingyao, the centuries-old city walls, made with mud cores, collapsed after they became sodden last fall.

Zhang Dewang, a 69-year-old resident of the village of Daxingzhuang, west of Pinggu, said the wheat in his family’s field was growing quite well. The crop was planted unusually late, after the autumnal equinox, the traditional last day of planting in the area.

But in recent years the weather has been staying warm later, Mr. Zhang said, so the wheat has a chance to germinate before winter frosts force it into dormancy.

“The wheat is growing so well,” he said. “It’s coming along great.”

Claire Fu, Liu Yi and Li You contributed research.



Read More: War and Weather Sent Food Prices Soaring. Now, China’s Harvest Is Uncertain.

Tags: ChinasfoodHarvestpricesSoaringUncertainWARWeather
Share30Tweet19

Related Posts

Forget Pandemic Puppies. Meet the Inflation Chicken.

Forget Pandemic Puppies. Meet the Inflation Chicken.

by The Daily Stocks News
February 2, 2023
0

Which shortage came first: the chicks or the eggs?Spooked by a huge spike in egg prices, some consumers are taking steps to secure their own future supply. Demand...

A potential U.S. ban on investment in Chinese tech could hurt these sectors

A potential U.S. ban on investment in Chinese tech could hurt these sectors

by The Daily Stocks News
February 2, 2023
0

The Biden Administration has said the U.S. is in competition with China and restricted the ability of American businesses to sell high-end chip tech to China.Bloomberg | Bloomberg...

Fairview Seafood Company brings fresh seafood to Black Mountain

Fairview Seafood Company brings fresh seafood to Black Mountain

by The Daily Stocks News
January 29, 2023
0

After more than a decade selling seafood at various tailgate markets in the area, Roger Queen decided to open his own storefront with his wife Debra three years...

McDonald’s president blasts California proposal to hike minimum wage: ‘Bad politics over

McDonald’s president blasts California proposal to hike minimum wage: ‘Bad politics over

by The Daily Stocks News
January 28, 2023
0

‘The Next Revolution’ host Steve Hilton reacts to a California proposal which would raise the minimum wage for fast food workers to $22 per hour and discusses a...

The Economy Isn’t as Strong as It Looks. Get Ready for a Stock Market Tumble.

The Economy Isn’t as Strong as It Looks. Get Ready for a Stock Market Tumble.

by The Daily Stocks News
January 27, 2023
0

The Federal Reserve is trying to get inflation under control without damaging the economy. Above, the Fed building in Washington, D.C. Stefani Reynolds / AFP via Getty Images...

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Today Stocks News

OPKO Health And 2 Other Penny Stocks Are Aggressively Buying – Medalist Diversified REIT

$8.2 Million Bet On This Penny Stock? Check Out These 4 Penny Stocks Insiders Are Buying

October 31, 2022
Barclays Lowers Equinix (NASDAQ:EQIX) to Equal Weight

Barclays Lowers Equinix (NASDAQ:EQIX) to Equal Weight

September 23, 2022
Imugene and Archer Materials benefit from S&P Dow Jones Indices rebalance

Imugene and Archer Materials benefit from S&P Dow Jones Indices rebalance

February 26, 2022
Why Virgin Galactic Stock Was Rocketing Higher on Tuesday | The Motley Fool

Why Virgin Galactic Stock Was Rocketing Higher on Tuesday | The Motley Fool

August 2, 2022
Corporate Insiders Take Bullish Bets on 2 Stocks They Know Best

Corporate Insiders Take Bullish Bets on 2 Stocks They Know Best

October 22, 2022
NIO Upgraded, Putting Shares in Rarefied Territory With 6 Other Stocks

NIO Upgraded, Putting Shares in Rarefied Territory With 6 Other Stocks

April 4, 2022
Best Ancillary Marijuana Stocks On The Nasdaq To Watch Right Now In July

Best Ancillary Marijuana Stocks On The Nasdaq To Watch Right Now In July

July 2, 2022

Business

Tech Futures Jump As Meta Spikes; Powell Spurs’ Gratifying’ Rally

Tech Futures Jump As Meta Spikes; Powell Spurs’ Gratifying’ Rally

February 2, 2023
Asia-Pacific markets rise as most of the region observes Lunar New Year holidays

Asia-Pacific markets rise as most of the region observes Lunar New Year holidays

January 24, 2023
Credit Karma, HomeAdvisor push back after FTC orders both to pay millions

Credit Karma, HomeAdvisor push back after FTC orders both to pay millions

January 24, 2023
Dow futures fall more than 200 points as Wall Street gets set for another down session

Dow futures fall more than 200 points as Wall Street gets set for another down session

January 19, 2023

Penny Stocks

SpaceX Stock Valuation in 2023

SpaceX Stock Valuation in 2023

January 28, 2023
Context Therapeutics And 3 Other Stocks Under $1 Insiders Are Aggressively Buying

Context Therapeutics And 3 Other Stocks Under $1 Insiders Are Aggressively Buying

January 24, 2023
The 5 Biggest Green Energy Investment Opportunities (if You Believe This AI Super

The 5 Biggest Green Energy Investment Opportunities (if You Believe This AI Super

January 15, 2023
Why Is Blue Apron (APRN) Stock Down 30% Today?

APRN Stock Alert: Short Squeeze Takes Blue Apron Back Above $1

January 14, 2023

Top Stocks

The 9 Best Stocks for Beginners

The 9 Best Stocks for Beginners

February 1, 2023
I’d aim for a million by buying just a handful of UK stocks!

My top 5 stocks to buy in February

January 28, 2023
Futures: Stocks Extend Gains; 10 Stocks To Buy And Watch

Futures: Stocks Extend Gains; 10 Stocks To Buy And Watch

January 24, 2023
2 Top Stocks Under $7 Offering Huge Returns in 2023

2 Top Stocks Under $7 Offering Huge Returns in 2023

January 14, 2023
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2022 TheDailyStock.News

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Contact Us

© 2022 TheDailyStock.News

wpDiscuz
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?