JPMorgan Warns of 2027 Global Food Crisis as China Activates Price-Floor Purchases

A recent report from JPMorgan Chase has sparked concerns about a potential global food crisis in 2027, driven by shipping disruptions and a historic El Niño event. The bank projects that global food inflation will accelerate from 2.8% in H1 2026 to 5% in H1 2027.

China's major grain-producing provinces have activated minimum purchase price programs, providing a policy floor for grain prices. Jiangxi, Hunan, and Henan provinces launched their 2026 minimum purchase price implementation plans within a single week.

Fundamental data shows that all four major staple grain varieties, soybeans, corn, wheat, and rice, have bottomed out and rebounded since the start of 2026. Corn led the advance with an average price increase of 3.52%, followed by japonica rice at 2.89%.

However, not all grain concept stocks are created equal. Jinjian Rice, which hit its daily limit-up today, has been embroiled in controversies and expects a loss of 8.5 million to 11.5 million yuan in the first half of 2026.