All into Account: Food insecurity: War, weather and the weaponization of food

In this podcast we discuss the recurrent food security crises, which bring new challenges as supply side shocks, geopolitical risks, climate change and biodiversity loss magnify vulnerabilities across the global food system. Moderate or severe food security now affect 30% of the global population, or 2.4bn people and food insecurity is the “new normal” with climate change and biodiversity loss pointing to recurrent crises. Three shocks tilt food prices to the upside—the breakdown of the Black Sea Grain Initiative (BSGI), new rice export restrictions and El Niño. Countries are bracing for ongoing food insecurity through increased stockpiling, seeking alternative supply routes and maintaining restrictions on food and fertilizer exports, and a number of countries are also accumulating stocks of food in reserve as buffers. Africa and EMEA are most exposed to wheat and rice shortfalls, while LatAm food supply is most exposed to weather-related shocks on food prices from El Niño. Speakers Joyce Chang, Chair of Global Research Nicolaie Alexandru, Head of EMEA EM Economics Research Toshi Jain, India Economist Vinicius Moreira, Brazil Economist Natasha Kaneva, Head of the Global Commodities Strategy Virginia Martin Heriz, Head of ESG Research Methodology and Integration Amy Ho, Strategic Research This podcast was recorded on September 6, 2023. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.

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