World dangerously headed for ‘food wars,’ top commodity trader warns

By Around the Web

(ZEROHEDGE) – Sunny Verghese, CEO of Olam Agri, a Singapore-based agricultural trading firm, spoke at the Redburn Atlantic and Rothschild consumer conference last week, warned the audience that the world is heading towards a period of “food wars” as geopolitical wildfires spread across the globe.

“We have fought many wars over oil. We will fight bigger wars over food and water,” Verghese said, quoted by the Financial Times, adding that food protectionism has forced some governments to boost domestic food supplies, exacerbating food inflation.

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He pointed out that a surge in non-tariff trade barriers in 2022 in response to the war in Ukraine—1,266 from 154 countries by his count—had sparked “an exaggerated demand-supply imbalance.” Food prices have soared in recent years, whether due to adverse weather conditions (sparked by El Nino) or the war in Ukraine. These prices are likely to remain elevated for years to come.

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