Wheat buyers brace for higher costs as Russia-Ukraine war drags on
Top importers in Asia, the Middle East and Africa that were counting on the Black Sea region for wheat have been finding it hard to secure supplies.
Global wheat buyers awaiting to replenish depleted stocks anticipate significantly higher costs upon re-entering the market, as the Russia-Ukraine conflict persists. World wheat prices have skyrocketed due to the ongoing conflict, which has impeded shipments from the Black Sea region. Top wheat importers in Asia, the Middle East, and Africa have struggled to secure supplies, as attacks on vessels and port infrastructure have halted cargo movement since July.
This has led to a surge in prices, with benchmark Chicago futures rising 40% from June lows to a three-and-a-half-year peak, and physical prices from alternative exporters also climbing, potentially reigniting food inflation for vulnerable populations.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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