Italian pasta makers fret over durum wheat supply crunch

Italian pasta makers are fearful of a substantial supply squeeze in the coming months after this summer’s durum wheat price shock, as the market runs out of ways to offset a dire harvest in top exporter Canada. Extreme heat and drought this year in the North American country, which usually accounts for about two-thirds of global durum trade, are expected to cut output there by about 3 million tonnes to nearly 50% below 2020 levels. That has sent durum quotations to 13-year highs, stoking concerns about food inflation at a time when many economies are struggling to recover from COVID-19. An index of food prices from the United Nations Food and Agriculture Organization is at a 10-year high, with the cost of bread also climbing as European wheat prices BL2c2 hit a 13-year peak this month. With forecasts for Italy’s domestic durum crop, which typically covers most of pasta makers’ needs, also recently cut, the country’s food producers are particularly exposed to turmoil in the wider ...