Whole wheat Prices to Surge because Ukraine’s Harvest Shrinks – Official

Ukrainian agriculture minister states grain prices could increase 40% this year

The global neighborhood needs to prepare for wheat prices rising to $700 for each ton this year, a almost 40% jump from the current $430, the Ukrainian minister of agrarian policy and food, Mykola Solsky, stated on Wednesday, as cited by TASS.

“ Are we ready to pay $500, $600, $700 per ton? The problem is critical for Asian and African countries, which mainly imported grain from Ukraine, ” Solsky added.

He also warned that the country’s harvest this season could be much lower than it had been in 2021.

“ This year we expect a 50% drop from last year’s harvest, ” he stated, adding that due to Russia’s ongoing army operation in Ukraine, “ the next winter sowing marketing campaign is in jeopardy. ”

Earlier on Wednesday, UN Secretary General Antonio Guterres said the global community will not be able to fully solve the meals crisis without Ukrainian grain and Russian and Belarusian fertilizers, adding that “ Russian products and fertilizers should have full and unlimited entry to world markets. ” Earlier this month, he warned that a fifth of humanity is at risk of poverty and hunger due to the current situation in the grain market.

Concerns more than grain have been growing since February, when Russia released its military operation in Ukraine. Russian and Ukrainian ports on the Black Ocean, which are used to ship hemp, are being avoided by shippers.

Western sanctions also limit the availability associated with crops and fertilizers through Russia and Belarus for the global market. With the growth in global grain costs, major suppliers such as The ussr, Kazakhstan, and India possess temporarily stopped exports to safeguard their domestic markets.

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