Forget Oil. Putin’s War Is Wrecking the Wheat Market.

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Title : Forget Oil. Putin’s War Is Wrecking the Wheat Market.
Link : Forget Oil. Putin’s War Is Wrecking the Wheat Market.

Russia’s invasion of Ukraine threatens to significantly disrupt the global supply of wheat, sending prices for the vital crop skyrocketing and raising alarm bells among food security experts over its ripple effect on import-reliant countries in the Middle East and North Africa.

“We’re talking about something that would really disrupt production,” said Joseph Glauber, a senior research fellow at the International Food Policy Research Institute. “The fact that it’s happening in one of the breadbasket areas of the world is what’s so worrisome.” Barely a week into the conflict, wheat prices have already spiked to record highs as traders fear exports from Ukraine, known as the breadbasket of Europe, could slow to a trickle or even halt altogether while Russian forces damage Ukrainian ports. In Russia, the world’s top wheat producer, exports are being interrupted as international companies abandon long-standing business ties and extricate themselves from the country amid massive Western sanctions. READ MORE

Forget Oil. Putin’s War Is Wrecking the Wheat Market.

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Forget Oil. Putin’s War Is Wrecking the Wheat Market.

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