Agriculture executives say at least two years of bumper crops are needed to relieve pressure from drought and the war in Ukraine
Mexican chili peppers used in sriracha. Italian risotto rice. U.S. corn that is used widely. Extreme droughts worldwide are hitting crop yields, and that could mean higher prices for staples this winter. Photo: Carlos Barria/ReutersA lackluster U.S. harvest this year is setting back efforts to relieve a global food supply that has been constrained by Russia’s war in Ukraine, agriculture-industry executives said.
Senior executives from companies such as Bayer AG , Corteva Inc., Archer Daniels Midland Co. and Bunge Ltd. said worldwide crop supplies remain tight, and some said at least two more years of good harvests in North and South America are needed to ease the pressure. Persistent drought conditions in the U.S. and agricultural countries in South America, along with uncertainty over crop production in Ukraine, are making that harder, they said.