AMIS Chair urges global cooperation amidst growing grain market volatility

18 August 20233 min reading

In a recent statement, Seth Meyer, Chair of the Agricultural Market Information System (AMIS), expressed deep concerns over the suspension of the Black Sea Grain Initiative and other disruptions in the trade of agricultural commodities, warning of potential repercussions on global food security.

Meyer noted that the relative calm in global commodity markets over the past few months appears to be threatened by recent global events. “Recent global events threaten to renew volatility in global commodity markets, upend those markets and push at-risk communities around the world into greater hunger.” he warned. “Volatility had settled over the last several months. The decline in volatility has come with some moderation in prices, but they remain elevated. Economic conditions in the most food-vulnerable importing countries remains a concern and recent events threaten to renew or deepen concerns about food security in those countries.”

The AMIS Chair underscored the significance of responsible actions, stating, "Countries should not take actions which limit the flow of agricultural and food goods, conflate military targets and civilian food distribution supply chains, nor take trade action which exacerbates or transmits greater uncertainty onto the rest of the world as it is the globe’s most vulnerable consumers that bear the brunt of such actions." He emphasized the interconnectedness of global trade actions and their potential to exacerbate the challenges faced by the most vulnerable populations.

Meyer went on to highlight the importance of the Black Sea region in the global food supply chain, saying, "The Black Sea remains a vital corridor for the distribution of key food and agricultural goods and AMIS calls on all its members to renew and reaffirm actions which ensure the flow of grains, oilseeds, other food and agricultural inputs from the region." He called upon all AMIS member countries to unite in their efforts to secure the uninterrupted supply of essential agricultural products from the region.

Furthermore, Meyer cautioned against export restrictions on key food grains, stating, "Such restrictions have recently pushed rice prices to five-year highs when rice had largely been insulated from the volatility in other grains and oilseeds for the last two years." He emphasized the long-term negative impacts of such restrictions on both other consumers and the imposing countries' own producers, which could destabilize the country's food security in the long run.

Chair Seth Meyer reiterated the collective responsibility of AMIS member countries, stating, "Through these actions we, as member countries of AMIS, can contribute to greater global food security both immediately and over future growing seasons around the world." He stressed the importance of transparency, cooperation, and responsible trade practices in ensuring a stable and secure global food supply for the well-being of all nations.

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