Bread is one of the more crucial ingredients in maintaining world stability — and it's getting dangerously expensive.
More countries are putting these kinds of export controls in place — but that only exacerbates the issue
Axios on email Data: Chicago Board of Trade, FactSet; Chart: Simran Parwani/Axios Bread is one of the more crucial ingredients in maintaining world stability — and it's getting dangerously expensive.‘Unretiring'? Here's How to Handle Your Medicare Coverage If You Return to the Workforce Approximately 30% of the world's wheat comes from Russia and Ukraine.The price of wheat on the Euronext stock exchange hit a record high on Monday morning, with the most recent rise being put down to a ban on most wheat exports from India.Wheat futures climbed by the daily limit on Monday, following India’s plans to limit most of its exports of the commodity, as fallout from the Ukraine war continues to reverberate.
Why it matters: As food prices rise around the world due to the war, extreme weather and inflation, more countries are putting these kinds of export controls in place — but that only exacerbates the issue.At least 43 such protectionist measures have been implemented since the Russian invasion, according to data cited by the New York Times earlier this month.Ukraine has some of the world's most arable farmland, but without sufficient fertilizer farmers won't be able to harvest the crops they planted back in autumn come late June and July.These include restrictions put in place by Russia and its ally, Belarus, along with Indonesia's ban on palm oil exports and China's prohibition on.This has prompted those within the EU to express concern regarding various nations, including India, implementing export bans on various in-demand products.Driving the news: Wheat prices surged to near record-high levels Monday after India said it would ban exports as it deals with an extended, climate-change-driven heat wave."That's a bigger problem for the world, because those inventories being trapped are going to cause supply disruptions for global wheat.What they're saying: "These measures threaten to further tighten global supplies, and will create price pressure on food as we head further into 2022," Kelly Goughary, a senior research analyst at Gro Intelligence, tells Axios.47 a bushel, and its highest level since mid-March.
Goughary hasn't seen this level of export controls in her 15 years in the industry.P.“And we think that this is a tendency which can only actually aggravate the problem,” specifically giving a forthcoming ban on the export of palm oil from Indonesia as something which would only “make matters worse”.State of play: Russia's invasion of Ukraine cut off exports from that region — responsible for more than a quarter of the world's supply — and sent buyers scrambling to find other source countries, like India.India is the ninth-largest wheat exporter in the world, according to."Commodities can participate positively in an inflationary environment, so that's what investors are doing," Gilbertie said.
Starvation is any post-1789 modern government's absolute greatest fear be they monarchist, fascist, authoritarian, dictatorial, democratic ... 1789's French Revolution begat 'Modern History' when well-fed elites felt 'for the first time ever' the full wrath of the starving. Too much bread is bad for you
Russia-Ukraine War Roiling Global Wheat and Corn Markets: A Hard Look at Soft Commodity ETFsPersistent supply chain struggles have shaken up the global commodity complex, which has ridden a wave of worries to new highs — as Russia’s war on Ukraine rages on. The story is no different for commodity ETFs. Many of these funds have seen huge inflows over the past several months — like the Teucrium Corn Fund (CORN), which is up…
Global Food Crisis: Export Ban Sees Wheat Prices Hit Record HighThe price of wheat in Europe has hit a new record high, with an export ban on the product in India prompting further shortage fears. India taking care if India first. Wow. Great news for us
Wheat prices surge to highest in more than two months following India's ban on exportsU.S. wheat futures were climbing on Monday in the wake of a ban by India on most exports. What about Mangos? Feels like we only got a couple seasons left of “Earth” The price of my pita bread's going up again? This is a gross violation of human wheat rights!!
Egypt says government purchases exempted from India’s wheat exports banAny agreementsby Egypt's government to purchase Indian wheat will not be affected by an export ban announced by New Delhi, Egypt's supply minister said on Sunday.
India Bans Most Wheat Exports Amid Global Food InsecurityAs the nation faces an historic heat wave and soaring food inflation, the Commerce Ministry announced on Friday that its own food security is “at risk.” look at my boobs Or is this the way for India to appease Putin? Yikes
India open to exporting wheat to needy nations despite banIndia says it will keep a window open to export wheat to food-deficit countries at the government level despite an export ban announced on Friday