With global supply chain shortages impacting nearly every sector of the economy in the past two years, will global food shortages worsen? As the U.S. experienced a baby food shortage this summer, firms that made it, such as Abbott Laboratories (NYSE:ABT), could not keep up with the demand due to shortages in supplies and labor constraints.
According to Ukraine’s Ministry for Agriculture, roughly 22 million tons of grain are stranded in the country awaiting export. Ukraine supplies up to 16% of the world’s corn exports and more than 40% of the world’s sunflower oil, per the UN Food and Agriculture Organization. Ukraine’s wheat exports from the start of the marketing year (July 2021 to June 2022) through Jan. 17 were 28% higher year-over-year at 16.3 million metric tons, reported SPGlobal.
