The simmering Russia-Ukraine crisis is endangering the global food supply, threatening to create food shortages and drive up prices even higher, with wheat, corn, and sunflower part of the list of items that will be most affected. Russia and Ukraine combined account for roughly 80 percent of global sunflower oil exports, 29 percent of the world’s wheat exports, and 19 percent of the global supply of corn. The shortage of wheat and corn would especially be problematic as these are staple foods in many countries. U.S. wheat futures are up by 9.72 percent since hitting a low on Feb. 3 while U.S. corn futures are up 9.34 percent in the same period. Russian President Vladimir Putin has declared two rebel regions of Ukraine as independent states, attracting criticism from the United States. The UK has already taken action, sanctioning three Russian individuals and five Russian banks. The EU and the …
Russia-Ukraine Crisis Threatening Global Food Supply, Wheat, Corn Supply Disruptions Anticipated
February 22, 2022
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Business & Economycommoditieseconomic policieseconomyEuropefighting in Ukrainefood pricesfood supplyMarketsRussia-Ukraine tensionswheatWorld
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