UP NEXT GLOBAL WHEAT CRISIS
Written by Peter Boykin on March 9, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
Soaring wheat prices and wheat instability have been one of the lesser talked about effects of the conflict between Russia and Ukraine. But if you haven’t felt it at the checkout counter yet, just wait. You will.
Wheat is commonly used to make: pasta, bread, cereal, crackers, pancakes, pizza, cakes, etc
Last month’s Consumer Price Index showed that flour [made from wheat] rose 2.9% from the previous month, and was up 10.3% from the previous year.
The numbers: Wheat prices were already rising due to inflation, but the conflict has made it much worse.
When Trump left office: wheat cost $6.35 per bushel
February 7, 2022: wheat cost $7.85 per bushel
This week wheat hit $12.94 per bushel
Why does Russia/Ukraine affect wheat: Russia is the world’s leading exporter of wheat. Russia and Ukraine combine to export more than 25% of the world’s supply of wheat.
Global instability: Aside from how this affects inflation and the price of wheat, it also causes massive global instability. Wheat from Russia and Ukrainian is cheap. So some of the poorest countries in the Middle East and North Africa rely on them for their supply.
Worth noting: China seems to have foreshadowed this crisis. Similar to the way they hoarded PPE before the covid pandemic, they spent 2021 hoarding wheat.
Last year they pulled in 19% of the global wheat supply.
Last month they lifted all restrictions on wheat imports from Russia. [SCMP]
The good news is: The U.S. makes a lot of wheat. We are the 2nd biggest exporter, right behind Russia. So while prices are going up, we have a safe supply at home.
[Source: SCMP, AGWeb, Axios, MacroTrends, Waking Up Right]
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