Stopping Russian and Ukrainian exports pushed up wheat prices by $ 75 a day

According to Fars News Agency’s International Economics Group, today in world markets the prices of basic products hit strange records and wheat increased in price by $ 75 in just one day, which is the highest amount in the last 14 years, and delivery contracts in May 2022 Reached $ 1134 per bushel.

The price of other basic products, such as animal feed, also rose, so that corn used as animal feed increased by $ 5. Oilseeds from canola to soybeans also ranged in price from $ 4 to $ 18.

“Today, the price of wheat has reached the highest level of the last 14 years, and in the next step, it could be the turn of food products,” Rashatodi News Agency wrote.

Fear of wheat shortages in the world’s largest wheat and grain producers, Russia and Ukraine, which are at war, has pushed up prices on world markets.

According to the report, the future price of wheat increased by 7.62% to $ 67.5 per bushel, which is the highest price since 2008.

Despite efforts to resume talks between the two countries, clashes continue and merchant ships do not approach the Black Sea port, which both countries use to export their products.

Russia is the world’s largest exporter of wheat, accounting for more than 18 percent of international exports. The two countries, along with Ukraine, which has halted grain exports, supply about 30 percent of the world’s wheat. This food crisis is threatening food prices around the world to its highest level.

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