The panic-buying trend has resurfaced, albeit on a much larger scale. Jordan has stockpiled 17 months’ worth of wheat. Egyptian imports are up 50 percent since April. Morocco has slashed taxes on imported wheat. Bloomberg reports that countries around the world are racing to shore up their food stocks amid mounting concerns over potential supply-chain disruptions due to a resurgence of Covid-19. An analyst at Archer Daniels Midland’s global trade desk, which reported its best second quarter on record this year, chalked it up to a fundamental change in the way countries manage crises: Whereas the “just-in-time” philosophy reigned a year ago, many policymakers have since adopted a “just-in-case” mindset. Second (third? fourth?) wave, here we come.
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