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Grain

BRICS Grain Exchange Would Depoliticize Global Cereal Market

October 27, 2024 Sputnik, Orinoco Tribune. , , , , ,
Russia proposed creating a BRICS grain exchange that would serve as a new trading platform for the world’s largest producers and consumers of food grains. The measure could help depoliticize global markets and eliminate intermediaries in the form of Western exchanges, according to experts consulted by Sputnik. The dominance of the United States in the world economy did not start with the dollar. After the Second World War, the US became the leading supplier of wheat and corn. As a result, the entire modern infrastructure of the global grain market has been shaped by Washington. Thus, the benchmarks are made by the Chicago Mercantile Exchange (CME), and the US dollar is primarily used as the settlement currency.

The Grain Giants Have Made A Bonanza From Hunger

October 31, 2022 Pat Mooney, Resilience. , , ,
As economies tumble, inflation surges and global food prices soar to critically high levels, two sectors seem to have hit the jackpot in 2022 – energy giants and grain traders. An estimated 345 million people may now be in acute food insecurity, compared with 135 million before the pandemic. Vulnerable populations face destitution in poorer food-importing countries such as Lebanon, Yemen, Sudan and Somalia. Poor consumers in rich countries are struggling to put food on the table. Supply shocks caused by the COVID-19 pandemic and Russia’s invasion of Ukraine have been the spark for this inferno of hunger. But the kindling for the fire was already stoked: the severe, underlying weaknesses in our food system. These include many countries’ heavy reliance on food imports, entrenched production systems, financial speculation, and cycles of poverty and debt.

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