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☆ Why the world is barreling towards a 'food war,' according to one commodity trader
▼ + stars: | 2024-06-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Food wars will rise amid trade barriers and climate risk, Olam Agri's CEO warned. Advertisement"Food wars" are looming over global stability, as trade barriers and the climate crisis strain supply, the head of trading firm Olam Agri warned. We will fight bigger wars over food and water," he said during last week's Redburn Atlantic and Rothschild consumer conference. Though agricultural commodity traders took the blame for rising food costs after Russia's 2022 invasion of Ukraine, the CEO pushed back. Instead, the outbreak of non-tariff trade barriers was likely the chief culprit, with 1,266 curbs proliferating that year.

Persons: —, Sunny Verghese Organizations: Service, The Financial Times, Rothschild Locations: Ukraine

Trudeau said that Canada was "actively pursuing credible allegations" linking Indian government agents to the murder of a Sikh separatist leader in British Columbia in June. "Obviously we're concerned about making sure (the sales) get executed," Price said, adding that he's not aware of any cancellations. Due to India's poor crop, lentil prices are high, but since Trudeau's comments Indian offers for Canadian supplies have dropped 6% to around $770 per metric ton, Price said. India consumes around 2.4 million metric tons of lentils annually, but local production falls short at 1.6 million tons, said Bimal Kothari, chairman of India Pulses and Grains Association. "Inflation within the pulses group is currently very high, making Canadian lentils a critical need for India.

Persons: Amit Dave, Justin Trudeau, Trudeau, Nitin Gupta, Kevin Price, Parrish, Price, Bimal Kothari, Rod Nickel, Rajendra Jadhav, Timothy Gardner Organizations: REUTERS, Rights, Canadian, Industry, Olam Agri, Indian, Canadian Global Affairs, Heimbecker, Association, Thomson Locations: Delhi, India, Rights WINNIPEG , Manitoba, MUMBAI, New Delhi, Canada, British Columbia, Olam Agri India, Winnipeg, Canadian, Australia, Mumbai, Winnipeg , Manitoba

☆ Domino effect: India rice export ban puts market on edge for copycat curbs
▼ + stars: | 2023-08-11 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.

Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok

Four dealers confirmed that export contracts of around 2 million metric tons of rice, worth $1 billion, are at the risk of being cancelled. Before the export ban, India used to sell around 500,000 tons of non-basmati white rice every month, Gupta said. Now, prices are likely to drop, and the traders are likely to suffer losses, said a New-Delhi-based dealer with a global trade house. Traders say while global prices will go up because of India's export ban, local rates are likely to drop. Top buyers of Indian non-basmati rice include Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh and Nepal.

Persons: Nitin Gupta, Gupta, B.V, Krishna Rao, Rao, Rice, Rajendra Jadhav, Mayank Bhardwaj, Sharon Singleton Organizations: Traders, Olam Agri India Ltd, Reuters, Rice, Association, El, Thomson Locations: MUMBAI, India, Mumbai, Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Asia

☆ Olam’s Saudi-Singapore IPO sign of shifting times
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 11 (Reuters Breakingviews) - Signs of deepening ties between Asia and the oil-rich Gulf are coming thick and fast. A planned Saudi Arabia-Singapore dual listing this year for Olam Agri, a trader of grains and seeds, is the latest example. Corporate and financial moves underscore how the global pin-code, as Olam’s co-founder and Chief Executive Sunny Verghese puts it, is changing. Between population trends, the Russia-Ukraine war and polarising geopolitics, expect the Gulf and Asia to get cosier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Olam Group targets Olam Agri dual IPO as early as first half of 2023
▼ + stars: | 2023-01-10 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +1 min

SINGAPORE, Jan 10 (Reuters) - Singapore commodity trader Olam Group on Tuesday said it plans to conduct an initial public offering (IPO) for majority-owned Olam Agri Holdings as early as the first half of this year, listing the unit domestically and concurrently in Saudi Arabia. A concurrent listing on the Saudi Exchange would make Olam Agri the first company to list in both countries and the first non-Gulf Cooperation Council incorporated business to list in Saudi Arabia. The plan comes weeks after Olam Group completed the sale of 35.43% of Olam Agri to Saudi Agricultural & Livestock Investment Co for $1.24 billion, giving the unit an equity valuation of $3.5 billion. Olam Group continues to own the remainder. Olam Group said the IPO may involve a domestic and global sale of shares it holds in the unit as well as new Olam Agri shares.

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