© Dr. M. Ashaq Raza
Woman selling corn in Godief, Asmara
Woman selling corn in Godief, Asmara
This was the alarming verdict of Alberto Weisser, chief executive of Bunge, during last Thursday's presentation of first quarter results for the US agribusiness and food multinational.
Whilst the motive of questions posed by financial analysts on the Bunge conference call was related to profit forecasts, low corn stocks have also been a concern amongst agencies monitoring global food security.
"We do need good weather," repeated Weisser, without mentioning that the northern hemisphere already has a weather problem.
Parts of Europe are experiencing unusually high temperatures and shortage of rain. The UK Met Office has warned that both March and April could be the driest for 50 years. This may be too early to affect the corn crop cycle but does not augur well for a stable summer season.
More commonly known as maize in the southern hemisphere, corn influences the price of other grains and food commodities traded on world markets. Its cost and availability impact the volume of food aid that major humanitarian donors are able to source from the US and elsewhere.
Other developments shortly before and after the Bunge press conference illustrate the stark contrast between the ability of rich and poor regions of the world to cope with rising food prices.
