Senior executives from companies such as Bayer AG, Corteva Inc., Archer Daniels Midland Co., and Bunge Ltd. said worldwide crop supplies remain tight. Some anticipate at least two more years of good harvests in North and South America are necessary to ease the pressure.
Werner Baumann, Bayer’s chief executive, said, “When it comes to the global food-supply situation, I think things are going to continue to be tight for the time being.” Considering high temperatures this summer exacerbated drought conditions in the U.S. West and the country’s Great Plains.
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