CBC*: Wheat prices hit 14-year highs after Russian invasion of Ukraine

[abqtommy]

*Canadian Broadcasting Corporation

https://www.cbc.ca/news/business/russia-ukraine-invasion-impact-wheat-prices-1.6373522

>Russia's invasion of Ukraine, often called the "breadbasket of Europe," has driven wheat prices to 14-year highs, forcing bread consumers to eat the cost.

Russia's Feb. 24 invasion has severely hampered trade from Black Sea ports, driving up global Chicago benchmark wheat prices by 40 per cent and further pushing global food inflation that was already the highest in a decade.

Supply disruptions from Russia and Ukraine, which together account for 30 per cent of world wheat exports and 20 per cent of corn exports, will erode food security for millions of people, with the Middle East and north Africa especially vulnerable due to their reliance on imports, said Julie Marshall, spokesperson for the World Food Programme.

The prices of oil and gas have also spiked due to sanctions against Russia, while costs of freight and raw materials like steel were already soaring due to pandemic-related supply chain breakdowns.<

There's much more text and photos at the link. All these price increases are just one
more reason to Support Ukraine.

[melm00se]

1. Why is Big wheat allowed to screw us every time there is a global crisis?

: :

[abqtommy]

3. +100 That's a good one! nt

[jimfields33]

2. Gas went up 50 cents in days.

I haven’t noticed bread yet. I’m sure it will be 5 or six dollars a loaf soon enough. Thanks Russia! Ugh.

[MontanaFarmer]

4. Wheat was already rising

throughout the fall because of a major drought in the us and Canadian spring wheat growing area, now this. Even as someone who can benefit from this pricev rally i understand it can't be sustainable, and have seen the busts that inevitably follow these short booms. You know who wins either way? The multinational "food" companies that have bought government policy to subsidize their ability to buy commodities at below the cost of production. Farmers may, may get a 1 year bump, although with the cost of inputs and drought overspreading the west and southwest again, who knows. Frustrating.

[abqtommy]

5. Thanks for your informative perspective. nt