War, disrupted shipping and a strengthening El Niño appear to be lining up a new global food shock, yet international food prices remain below their 2022 peak. Record harvests, large grain reserves and continued Ukrainian exports have so far kept global supplies moving. The deeper crisis is access, with conflict, displacement and blocked aid leaving millions hungry even when global warehouses are full. The world’s food buffer is holding, but the risks are stacking up. #DWbusiness
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