Global grain shortages will likely last through the end of this year and into next year, AGCO Corp CEO Eric Hansotia told CNBC’s Jim Cramer on Monday.
“There’s just not enough grain in the world, and there won’t be for the rest of this year and probably even into next year. We have to have a tremendous harvest this year and next year just to close that gap on the grain gap,” Hansotia said in an interview on “Mad Money.”
The chief executive said that the agricultural machinery manufacturer has the biggest order bank in its history, up 30% from last year in Europe and up 20% in the United States.
The industry’s supply and demand gap stems from the same global rebound of demand for products and services following the height of the Covid pandemic. Suppliers weren’t able to keep up with demand because of shutdowns, according to Hansotia.
Complicating matters is the Russia-Ukraine war’s…