Food commodities still at risk of coronavirus ‘market shock’: FAO/OECD

first_imgA knock to food consumption in a global recession triggered by a coronavirus epidemic could produce a “market shock” of tumbling agricultural prices, the UN’s food agency and the OECD said on Thursday.With food production mostly maintained during the crisis, agricultural markets were facing the risk of swelling stockpiles that would weigh on prices, the organizations said.”The macroeconomic shocks induced by the COVID-19 pandemic are expected to put downward pressure on agricultural commodity prices,” they said, adding there was potential for “a historically significant market shock” this year. The impact on vegetable oil and animal-based products would be greater than for staple crops like rice and wheat, they said.The projections were part of an annual 10-year agricultural outlook published by the U.N.’s Food and Agriculture Organization (FAO) and the Organization for Economic Cooperation and Development (OECD). It marked their first analysis of the possible consequences of the new coronavirus on agricultural markets. The virus, which causes the COVID-19 disease, has already contributed to price slides in agricultural commodities, including a 10-year low for US corn, as restaurants have closed and fuel consumption has fallen.Some commodity prices have recovered in recent weeks, helped by an easing of lockdowns, but the FAO and OECD said the short-term outlook remained uncertain.”The markets have done a good job of getting over the initial shock,” OECD Secretary General Angel Gurria told an online news conference. “However, there is no room for complacency, especially as the virus spreads in developing countries.”While the COVID-19 context has clouded the short-term outlook, the FAO and OECD projected that agricultural prices would gradually revert to their baseline scenario of a slight decline in real terms over 2020-2029.Higher productivity, led by yield gains, would keep pace with population-driven food demand and curb global prices, they said.Prices of meat, particularly pork, were projected to fall more sharply as the market recovers from a swine fever epidemic in China.Topics :last_img read more

Chukwueze, Osimhen Eye Future Success after AFCON Bronze

first_imgShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram I know with our squad we are capable of winning this competition in the future, and I really want to be a part of that“When you pick up a medal in your first major tournament it is a positive sign of bigger things to come,” Chukwueze, who has played for his country at all levels, told BBC Sport.“Not so many young players get the opportunity to be in the Nigeria squad and even get a chance to play.Chukwueze – who came close to joining Arsenal in 2016 – arrived at Villarreal from Nigeria’s Diamond Academy in August 2017.His first season in the Spanish La Liga has seen him being likened to his hero and former Netherlands international winger Arjen Robben.Osimhen, also 20, scored 20 times for Belgian club RSC Charleroi last season to earn a spot in Gernot Rohr’s squad.But after making a solitary appearance in Egypt and completing a permanent move to Charleroi from German side Wolfsburg, Osimhen is focusing on the future.“Words are not enough to describe this feeling. I’m quite overwhelmed. We wanted the trophy, but this bronze medal is a sign that the future is bright and we are looking forward to it,” he told BBC Sport.“I was looking forward to playing for my country, it’s a great feeling for me and my family. I thank the coach for the opportunity and I want to build on this.”His 10 goals at the U-17 World Cup four years ago eclipsed the previous best of nine set by Ivorian Souleymane Coulibaly in 2011 and Florent Sinama Pongolle of France in 2001.Osimhen was also part of the Nigeria side that won the Under-23 Africa Cup of Nations in Senegal in November 2015, which also qualified them for the 2016 Rio Olympics.His exploits saw him crowned the 2015 Confederation of African Football (CAF) Youth Player of the Year.He has played for Nigeria at all levels, from under-17 to the full senior side, for whom he has won three caps. Young forwards Samuel Chukwueze and Victor Osimhen are targeting success in future Africa Cup of Nations (AFCON) with Nigeria.The duo were part of the country’s Under-17 World Cup winners in 2015 and both starred as the Super Eagles sealed a third place finish in Egypt on Wednesday.Chukwueze, 20, made six appearances in Egypt and opened the scoring in a man-of-the-match performance against South Africa in the quarterfinal.last_img read more