China floods hit rice, corn crops and trigger food inflation worries

News Snapshot:

BEIJING - Floods have damaged corn and rice crops in China’s key northern grain-producing belt, traders and analysts said. More rain is forecast with the impending arrival of another typhoon, threatening to add to global food inflation pressures. The hit to China’s cereal crops – the full extent of which is not yet clear – comes as consumers worldwide face tightening food supplies. India banned rice exports in July, and Black Sea grain shipments have been disrupted due to the war in Ukraine. “The flooded area in the north will see some yield losses,” said a Singapore-based trader at a...