Asian importers find new sources of wheat

According to experts, importers wheatespecially in Asia, has had to rely on supplies from India – the world’s second largest wheat producer – amid a decline in exports of this commodity from the Black Sea region after Russia advanced special military operation in Ukraine.

Russia and Ukraine account for about 30% of global wheat exports. The conflict caused Ukraine to close its ports, affecting its wheat exports, while Russian exports suffered due to Western sanctions.

A wheat trading company based in Europe said that wheat importers in Asia are at risk of major difficulties because India is an alternative to supply from Ukraine and Russia, especially for with wheat for animal feed.

Traders forecast that India’s wheat export ban could push global wheat prices to new record highs, particularly hitting poor consumers in Asia and Africa.

Chicago wheat futures rose to a limit of 6% on May 16. Top markets for Indian exports include Bangladesh, Indonesia, Nepal and Turkey.

India’s wheat export ban comes as traditional exporting powers such as Canada, Europe and Australia also restrict exports.

The Russian Foreign Ministry said on May 16 that the efforts of the West and the G7 to isolate Russia were the cause of the shortage of global food get worse.

European wheat prices hit record highs

VTV.vn – Wheat prices in the European market on May 16 rose to a record high. Previously, the price of this item had already increased due to the impact of the conflict in Ukraine.

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