A global food crisis is brewing

According to an Interfax report, Russia’s agricultural minister said that starting tomorrow and through June 1, Russia will halt wheat, corn, rye and barley exports.

Now, Russia isn’t growing or havesting anything right now so these are supplies from last year.

Despite all that, precipitation levels are extremely low in most of Europe and grains prices are already sky high. Russia may be trying to secure its own supplies. China also has a year of wheat supplies in storage.

That’s not the case in much of the world. High prices could lead to famines and food insecurity in much of the developing world. That will likely be exacerbated by sky-high fertilizer prices and could be worsened if Ukrainian planting is disrupted.

Late yesterday, Argentina also halted all its soy exports in part due to drought.