We must feed ourselves. To do that, we must have agricultural chemicals. Without them, the world population will starve,” says Norman Borlaug, who won the Nobel Peace Prize for breeding high-yielding grains.
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As harvests approach, the focus for wheat traders is increasingly on the weather, especially its impact on Russia’s crop with low moisture earlier in the year and continued cold temperatures in May. A larger crop than last year is forecast, but with prices in a long-term downtrend, wheat consumption is forecast to outstrip growth.
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Whenever there is a bumper harvest for lychees, farmers seldom reap the benefits. A surplus of the fruit leads to low market prices, reducing the profits for growers. Conversely, during a lean year, the limited supply causes prices to spike, hurting consumers. The fundamental reason for these extreme price fluctuations is the difficulty of preserving lychees after picking.
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