World’s major grain supplier limits exports

World’s major grain supplier limits exports

Argentina is limiting exports of corn and wheat in a push to tackle domestic food inflation.

It’s a resolution that the food industry considers necessary to provide predictability. And to safeguard what Argentines need for their own consumption,” Agriculture Minister Julian Dominguez said in a statement this week, as cited by Bloomberg.

Food prices about to soar Food prices about to soar

According to a resolution published on the government’s website on Friday, the authorities plan to first calculate how much grain Argentina needs for domestic consumption, and then limit export registries that could affect these supplies.

Food inflation in the country has been soaring lately, currently amounting to roughly 51%, while the poverty rate sits at around 40%. For the past several weeks, Argentina has blocked some of its corn…

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