Global Food Buffer Holds But Access Crisis Worsens

Global food supplies are looking stable, but the situation on the ground is dire. Despite record harvests and large grain reserves, millions of people are struggling to access food due to conflict, displacement, and blocked aid.

The world's food buffer appears to be holding up, with international food prices remaining below their 2022 peak. However, a combination of factors such as war, disrupted shipping, and a strengthening El Niño is creating a perfect storm for a global food shock.

Ukrainian exports are continuing, which has helped keep supplies moving. But the crisis is not about food availability, it's about access. Conflict, displacement, and blocked aid are leaving millions hungry, even when global warehouses are full.