Floods, Drought Are Destroying Crops and Sparking Food Inflation
On wheat farms in the U.S. and Russia, it’s a drought that’s ruining harvests. The soybean fields of Brazil are bone dry too, touched by little more than the occasional shower. In Vietnam, Malaysia and Indonesia, the problem is the exact opposite. Torrential downpours are causing flooding in rice fields and stands of oil palm trees. The sudden emergence of these supply strains a global economy already struggling after the shock of the Covid-19 lockdowns.