UN: No global food crisis looms despite Russian wheat shortfall, but market turbulence likely

UN: No food crisis looms despite Russia wheat ban

ROME — A U.N. agency says no global food crisis is looming despite the Russian wheat shortfall. But it is cautioning that food markets will remain volatile for years.

A drought in Russia that prompted the country to restrict wheat exports has helped drive up food prices globally to their highest level in two years.

But the Rome-based Food and Agriculture Organization stressed in a statement Tuesday that the elements for a food crisis, like the one whose high prices sparked violence in some countries in 2007-2008, do not appear to be there.

Despite the drop in Russian wheat production, this year’s cereal harvest was the third highest on record and grain stocks are high.