Experts predict massive disruptions in global food supplies due to climate changeFebruary 16, 2011 - 16:14 AMT PanARMENIAN.Net - Global food supplies will face “massive disruptions” from climate change, Olam International Ltd. predicted, as Agrocorp International Pte. said corn will gain to a record, stoking food inflation and increasing hunger. “The fact is that climate around the world is changing and that will cause massive disruptions,” Sunny Verghese, chief executive officer at Olam, among the world’s three biggest suppliers of rice and cotton, said in a Bloomberg Television interview. “We’re friendly to wheat, corn and soybeans and bearish on rice.” Shrinking global food supplies helped push the United Nations Food & Agriculture Organization’s World Food Price Index to a record for a second month in January. As food becomes less available and more expensive, “hoarding becomes widespread,” Abdolreza Abbassian, a senior economist at FAO, said, predicting prices of wheat and other grains are more likely to rise than decline in the next six months. Corn futures surged 90 percent in the past year, while wheat jumped 80 percent and soybeans advanced 49 percent as the worst drought in at least half a century in Russia, flooding in Australia, excessive rainfall in Canada, and drier conditions in parts of Europe slashed harvests. Global corn production will need to increase by 6 percent, and wheat output by between 3 to 4 percent in the 2011-2012 crop season to rebuild global stockpiles, Abbassian said. Food prices have become too high for some developing countries to buy the agricultural products they need, raising the risk of food riots, French Agriculture Minister Bruno Le Maire said earlier this month, Bloomberg reports. Top stories As a result of floods in Armenia’s northern Lori and Tavush provinces, 17 bridges, including five large ones, have collapsed. David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Prime Minister Nikol Pashinyan has met with Stephan Schütz, Executive Partner at Gerkan, Marg and Partners. The number of state universities will be reduced from 23 to 8 by 2030, Minister of Education, Science, Culture and Sport Zhanna Andreasyan has said. Partner news Most popular in the section | idcoin: New tool in IDBank’s loyalty system IDBank has announced the launch of idcoin, a new tool in the customer loyalty system. U.S., Armenia sign customs deal According to Armenian customs data, U.S.-Armenian trade reached $670 million last year. Glendale mayor to visit Yerevan Asatryan last visited Armenia in December 2022-January 2023 as she helped establish a partnership between Armenia’s Opera House and Los Angeles Opera. Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. |