Russia and Ukraine together account for about 14% of global wheat production, with nearly a third of global wheat exports. This price hike could exacerbate inflation affecting food products globally. The closure of several Ukrainian ports on the Sea of Azov and the Black Sea exacerbated this problematic situation.
While the price of wheat has reached historic highs, sunflower oil and soybean oil also face similar risks. As for fertilizer prices, they continue to rise from their side.
Recent developments in the situation show how dependent the agricultural sector is on Russia and Ukraine, the two main producing countries. Some experts said wheat will soon reach an all-time high of $13.17 a bushel, the highest level not seen since 2008.
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