if the food crisis were going to get worse, then the grain futures should already be zooming to new highs.  

Agree bear!

what happened is that China, India, Canada, Australia and Russian have bigger than expected crops From good weather and large planting numbers (associated with high prices).

the cure for high prices is…..high prices since it provides  financial incentive to increase supply….which puts pressure on prices.

this added 7+ million tons of global cereal stocks From June to July.

so 2022 global production will end up close to the record high 2021 production after things looking very shakey earlier this year. Off just 0.5%.

an agreement last month also ensures 3 ports in ukraine will stay open the rest of the year, which eliminates some risk and adds to global supplies.

Historically, most of the exports from ukraine are from August thru the rest of the year. Apparently, their crop did ok this year.

I think it was +3.5 metric tons of corn and +1 million tons of wheat added to the world  balance sheet As soon as that agreement was signed.