A look at how Russia-Ukraine crisis may impact wheat prices
Wheat prices surge after Russia launches full-scale invasion of Ukraine on February 24. Shortly after Russian President Vladimir Putin spoke in a televised address on state TV on Thursday, explosions could be heard in the pre-dawn quiet of the Ukrainian capital of Kyiv.
Wheat prices surged after Russia launches a full-scale invasion of Ukraine on February 24. Shortly after Russian President Vladimir Putin spoke in a televised address on state TV on Thursday, explosions could be heard in the pre-dawn quiet of the Ukrainian capital of Kyiv. According to analysts and traders, escalating tensions between global crop heavyweights Russia and Ukraine are likely to force wheat, corn, and sunflower oil buyers to seek alternative shipments, driving up world food prices already near multi-year highs, analysts.
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Wheat, one of the world’s most consumed food grains, is facing the prospect of supply disruptions as Russia attacks Ukraine. More than one-fourth of the world’s wheat supply comes from Russia and Ukraine.
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According to Refinitiv shipping data, around 70 percent of Russia's wheat exports went to buyers in the Middle East and Africa in 2021. The top ten importers of Russian wheat include Egypt, Turkey, and Bangladesh.
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With Russia and Ukraine accounting for about 29 percent of global wheat exports, traders were worried that any military engagement could hamper crop movement and trigger a mass scramble by importers to replace supplies from the Black Sea region. The top ten importers of wheat from Ukraine are Egypt, Indonesia, and many more.
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Wheat prices are already soaring. World food prices already hover near 10-year highs, led by strong demand for wheat and dairy products, the U.N. food agency said late last year.
