Summary
[Rising tensions between Russia and Ukraine could affect global food supplies and push prices higher]Rising tensions between Russia and Ukraine, the world‘s top food producers, could force wheat, corn and sunflower oil Buyers seek alternative sources of imports, pushing global food prices, already near multi-year highs, further up. With Russia and Ukraine accounting for around 29% of global wheat exports, 19% of global corn supplies and 80% of global sunflower oil exports, traders are concerned that any military conflict could affect the shipment of crops and prompt importers to rush to Imported from elsewhere to replace supply from the Black Sea region. (Interface News)
Reuters news on February 22,analystEscalating tensions between Russia and Ukraine, the world‘s top food producers, could force buyers of wheat, corn and sunflower oil to seek alternative sources of imports, pushing global food prices, already near multi-year highs, further, traders said. rise.
With Russia and Ukraine accounting for around 29% of global wheat exports, 19% of global corn supplies and 80% of global sunflower oil exports, traders are concerned that any military conflict could affect the shipment of crops and prompt importers to They are busy importing from elsewhere to replace the supply from the Black Sea region.
Australian NationalBank“Supply disruptions in the Black Sea region will affect overall global supply, with buyers in the Middle East and Africa looking for alternative sources,” said Phin Ziebell, an agro-industry analyst.
About 70 percent of Russia’s wheat exports in 2021 are sold to buyers in the Middle East and Africa, according to Refinitiv shipping data. Traders say the heightened tensions have led some buyers to switch ships to other suppliers, fearing that any outbreak of war would lead to long delays in loading.
(Article source: Interface News)