PARIS - Ample supply and a knock to consumption in the event of a global recession threaten to produce a “market shock” as food prices tumble, the U.N.’s food agency and the OECD said in a report published on Thursday.
“The macroeconomic shocks induced by the COVID-19 pandemic are expected to put downward pressure on agricultural commodity prices,” they said, adding there was potential for “a historically significant market shock” this year. The impact on vegetable oil and animal-based products would be greater than for staple crops such as rice and wheat, they added.
Some commodity prices have recovered in recent weeks, helped by an easing of lockdowns, although traders say the demand outlook remains uncertain as the virus continues to spread. [nR1N2BQ002]
DianeFarringt11 Why does everything look like cake?!
Not really true as CH is worried about its own famine due to crops losses. The ongoing swine flu also reduces its porkchop supply significantly. Not counting the locust storms in india heading to CH via a southern current.
That means our economy price will be resetted it's actually good. But bad for the producer. But it is just for the early times. After the beginning, the producer will get their profit even tho the numbers is reducing but the value still same. No more irrational high price!
Bad for producers, good for the rest of us. The consumption wheel is slowing down and many bubbles will pop. Perhaps it's time to focus on things that really matters. COVID19 triggered change, and there's not going back.
Looks like burnt toast
Crikey...not falling prices...that can't ever be good can it !
this picture sucks. (what is depicted, not the shot composition, which is excellent.)
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