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Wheat prices rise in global markets amid fears of supply disruptions

2022-03-03T13:37:56.394Z


Capitals, SANA- The economic repercussions of the Ukrainian crisis and the sanctions imposed by Western countries on Russia have begun


capitals-sana

The economic repercussions of the Ukrainian crisis and the sanctions imposed by Western countries on Russia began to appear in the world with sharp rises witnessed by global markets during the past few days, especially in the prices of oil, gas, minerals and grains.

Press reports reported by the media reported that the price of wheat on the Chicago Stock Exchange rose during trading yesterday to a record level of $11.34 per bushel (each one bushel equals 27 kg) for the first time since 2008, due to fears of supply disruptions and crop shortages.

The trading results showed that wheat prices are increasing for the fourth consecutive day, and its price has increased by 34.5 percent within a few days.

The US Bloomberg Agency indicated that there is also a risk of a shortage of fertilizers and crops next season and said: The consequences of large-scale US and European sanctions on Russia have radically changed the situation with supplies while global stocks are limited in quantity.

At the European level, grain prices recorded record levels in the European trading sessions this week, as the price of wheat reached 344 euros per ton at the Euronext group, which manages a number of European stock exchanges.

Wheat prices rose due to fears of supply disruptions, as Russia and Ukraine shipped more than 25 percent of global wheat exports, 19 percent of the world's corn supplies and 80 percent of sunflower oil exports, while traders in the world fear that the Ukrainian crisis will affect the movement of grain and push importers to search for Substitutes for supplies coming from the Black Sea region.

According to CNBC, Russia is the largest exporter of wheat in the world, while Ukraine is the fifth largest exporter and is considered the breadbasket in Europe, meaning that out of 207 million tons, which is the volume of wheat trade internationally, 17 percent of the quantity comes from Russia and 12 percent from Ukraine. .

Analysts and experts believe that the economic repercussions of the Ukraine crisis will not be limited to Russia, Ukraine or the European Union, but will extend to various countries of the world due to the interconnection of the global economic system with each other.

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Source: sena

All business articles on 2022-03-03

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