Wheat

The Russia-Ukraine grain deal that has been critical to keeping global food prices stable and preventing famine is currently in tatters. On July 17, 2023, Russia said it was pulling out of the year-old deal, which allowed shipments of grains and other foodstuffs to travel past the Russian naval blockade in the Black Sea. And to make matters worse, over the next two days Russia bombed the Ukrainian grain port of Odesa, destroying over 60,000 tons of grain. As a result, food prices have surged, with the cost of wheat, corn and soybeans in Europe, the Middle East and elsewhere all skyrocketing. So, what is the grain deal, and why is it so important to the global food supply chain? Anna Nagurney is an expert on supply chains, including those involving perishable products like food, and is co-chair of the board of directors overseeing the Kyiv School of Economics in Ukraine. She explains how important Ukrainian grain is to feeding the world – and why the Black Sea is a vita...

Flash droughts develop fast, and when they hit at the wrong time, they can devastate a region’s agriculture. They’re also becoming increasingly common as the planet warms. In a new study published May 25, 2023, we found that the risk of flash droughts, which can develop in the span of a few weeks, is on pace to rise in every major agriculture region around the world in the coming decades. In North America and Europe, cropland that had a 32% annual chance of a flash drought a few years ago could have as much as a 53% annual chance of a flash drought by the final decades of this century. The result would put food production, energy and water supplies under increasing pressure. The cost of damage will also rise. A flash drought in the Dakotas and Montana in 2017 caused US$2.6 billion in agricultural damage in the U.S. alone. Stunted corn in Nebraska struggles to grow during the 2012 flash drought that covered much of the cent...