The chief executive of Australia’s largest grains company has warned that global supply chain disruptions caused bycould persist for years, as investors cheered the company’s plans to lift shareholder returns and benefit from another bumper crop.
Ukraine and Russia, together known as the “world’s breadbasket”, produce roughly 30 per cent of the world’s grains – but Russia’s destruction of infrastructure and blockade of Ukrainian ports means grain exports have been damaged or unable to depart the country. Global food prices are now 30 per cent more expensive than they were this time last year, United Nations figures show.
“Also, infrastructure has been severely damaged, so road, rail and port infrastructure, even in the event that peace breaks out, will take some time to recover.
Source: News Formal (newsformal.com)
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