Food stockpiling and curbs on agricultural commodity exports are expected to continue into 2021 as governments try to dampen a rapid rise in prices, according to a report from Rabobank.

“While we do not expect consumers to stockpile like they did at the peak of the first COVID-19 wave, some governments are still doing so,” the bank said, pointing to the surge in China’s wheat imports, India’s imposition of stock limits on onions and Ukraine’s quick move to set grain export quotas this year.

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The Bloomberg Agricultural Spot Index, based on crop prices, has risen about 35% since late April and is near a six-year high, driven by surges in wheat, corn and soybeans, according to Rabobank.

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