Wheat (image courtesy Unsplash)
(ZEROHEDGE) – Major grain traders have drawn concerns over profiteering and speculation in global food markets, prompting calls for a windfall tax.
According to The Guardian, the world's top four grain traders (Archer-Daniels-Midland, Bunge, Cargill and Louis Dreyfus, known collectively as ABCD) have seen record or near-record profits or sales, and are forecasting demand to outstrip supply until at least 2024 - likely leading to even higher sales and profits over that period. The four companies control between 70% and 90% of global grain trade.
Cargill reported a 23% jump in revenues to a record $165bn for the year ended May 31, while Archer-Daniels-Midland recorded the highest profits in company history during the second quarter of this year. Bunge saw sales spike 17% in Q2, while Louis Dreyfus reported an 80% jump in profits for 2021 vs. the previous year on revenues of $1.62bn, a jump of nearly 25%.
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