EFKO Group, one of Russia’s largest mayonnaise and oil producers, has announced it is to begin producing soy milk. The company will invest 600 million rubles ($8 million) in the venture, with the aim of producing a thousand tons of milk per month.
Conflict in Ukraine to Cause Spike in Food Prices Worldwide
The G20’s Agricultural Market Information System (AMIS) has warned that the current conflict in Ukraine will bring a spike in food prices that will threaten food security globally. Russia and Ukraine together produce 29% of the world’s wheat, along with 19% of corn and a huge 80% of sunflower oil. The countries are also key producers of fertilisers and fuel, both important for agriculture. AMIS has urged G20 countries to avoid imposing sanctions on Russia that could disrupt food trade flows, with a particular emphasis on ensuring that those in low-income countries have adequate supplies of affordable food. However, food security is still likely to be affected by the conflict, as there may be disruption to crop production. The news comes at a difficult time …