The potential of armed conflict between crop heavyweights has raised fears of a price surge
Escalating tensions between major global food suppliers Russia and Ukraine are likely to force wheat, corn, and sunflower oil buyers to seek alternative shipments, Reuters reported on Tuesday, citing analysts and traders. The disruption could drive up world food prices which are already near multi-year highs, experts warn.
The two countries reportedly account for around 29% of global wheat exports, 19% of world corn supplies, and 80% of world sunflower oil exports. Traders are worried that any military engagement could impact crop movement and could force importers to replace supplies from the region.
“Disruptions in supplies from the Black Sea region will impact overall global availability,” Phin Ziebell, agribusiness economist at National Australia Bank, told Reuters. “Buyers in the Middle East and Africa will be seeking alternative sources.”
Refinitiv shipping data showed that around 70% of Russia’s wheat exports went to buyers in the Middle East and Africa in 2021.
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Traders say some buyers have already diverted vessels to other suppliers over concerns that any outbreak of war would lead to lengthy loading delays.
“Ships are avoiding entering the Black Sea because of the war risk,” a Singapore-based trader said, adding that “Supply disruptions are already taking place.”
Analysts warned that a lack of supplies from the Black Sea region could lift demand for the bread ingredient from the United States and Canada.
World food prices have been hovering at their highest level in a decade, led by strong demand for wheat and dairy products.
On Tuesday, Chicago wheat futures surged more than 2%, and corn hit a seven-month high, with soybeans also on the rise. All three key food and feed ingredients have rallied around 40% from 2021 lows, lifted by declining production and robust demand.
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For I delivered to you first of all that which I also received: that Christ died for our sins according to the Scriptures, and that He was buried, and that He rose again the third day according to the Scriptures. (1 Corinthians 15:3-4)
Jesus said to him, “I am the way, the truth, and the life. No one comes to the Father except through Me. (John 14:6)
For God so loved the world that He gave His only begotten Son, that whoever believes in Him should not perish but have everlasting life. For God did not send His Son into the world to condemn the world, but that the world through Him might be saved. (John 3:16-17)
If you confess with your mouth the Lord Jesus and believe in your heart that God has raised Him from the dead, you will be saved. For with the heart one believes unto righteousness, and with the mouth confession is made unto salvation. For the Scripture says, “Whoever believes on Him will not be put to shame.” For there is no distinction between Jew and Greek, for the same Lord over all )is rich to all who call upon Him. For “whoever calls on the name of the Lord shall be saved.” (Romans 10:9-13)
“As the Father loved Me, I also have loved you; abide in My love. IF YOU KEEP MY COMMANDMENTS, you will abide in My love, just as I have kept My Father’s commandments and abide in His love. (John 15:9)
For I am persuaded that neither death nor life, nor angels nor principalities nor powers, nor things present nor things to come, nor height nor depth, nor any other created thing, shall be able to separate us from the love of God which is in Christ Jesus our Lord. (Romans 8:38-39)
For those of us who persevere and do what Jesus says to do, we have this to look forward to in eternity: And God will wipe away every tear from their eyes; there shall be no more death, nor sorrow, nor crying. There shall be no more pain, for the former things have passed away.”
The Bible – New King James Version, NKJV