Quantifying the Intuitive: How Geospatial Data Helps Forecast Commodity Prices
Vaccine rollouts and sluggish supply chains still facing pandemic-related restrictions drove increased demand in the first half of 2021 for basic commodities like soybeans, sugar, vegetable oils, meat, and dairy.
Jun 24, 2021 · 5 min read
Improving trading and procurement performance with geospatial data and machine learning
A recent report by the UN FAO Food Price Index saw global food prices reach their highest levels in a decade in May, up 4.8% compared to April and 39.7% since the same time last year. Vaccine rollouts and sluggish supply chains still facing pandemic-related restrictions drove increased demand for basic commodities like soybeans, sugar, vegetable oils, meat, and dairy.
Raw material inflation has been on a tear in 2021, flattening product margins and pushing up consumer prices. The question is whether these food prices are transitory or if it's the beginning of a new phase brought on by aggressive stimulus and overheated demand?
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