Price: $ 1295
BMI View: We expect food security in South West Africa to be patchy over the short term. That said, as supplies come online from Zambia, this is expected to eventually cause local food prices to moderate on average across the region. Over the medium term, we see downside risks to corn production in the region owing to new reforms introduced in Zambia that aim to reduce farm subsidies. Although this will help to improve the country's current account balance, it may lead to deteriorating food security across the region as farmers respond to lower prices. Even with reduced production incentives, we expect Zambia to easily remain the region's largest corn producer and exporter, while other countries in the region will struggle to maintain production surpluses. Key Views ? Zambian corn prod ...
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