Russia suffered its share from wheat prices after the gas after the Ukraine war.
After the military action it carried out today, wheat prices have reached the peak of the last 9 years.
Wheat Prices Rise to the Highest in the Last 10 Years!
Wheat prices increased after Russia’s military operation against Ukraine. Pricing of possible problems in wheat supply to be realized by giant wheat importers Russia and Ukraine was effective in the price increase.
Wheat futures in Chicago stock market With the start of Russia’s operation to Ukraine It has seen its highest level since August 2012 with $9.34.
Wheat prices, which have risen close to 6 percent today, are 16.3 percent on a weekly basis, and by 16.3 percent compared to the New Year’s. recorded an increase of 21.3. Wheat finished last year with an increase of 20.3 percent due to drought and climate problems.
RISK FOR FOOD PRICES
Pricing of agricultural products in commodity exchanges will take place in the market It is of great importance in terms of expectations regarding pricing.
As Turkey is one of Russia’s largest wheat importers, the increase in grain prices also increases food prices.. The increase in wheat prices directly affects basic food products such as pasta and bread.
According to the US Department of Agriculture, for this year, the combined wheat exports of Russia and Ukraine are a percentage of global total consumption. It is estimated that it will make up 23 of them.
MOST IMPORTS FROM RUSSIA
Turkey mainly imports oilseeds from Ukraine and grain imports from Russia.. In 2021, 86.6 percent of the total wheat import amount was made from Russia and Ukraine.
In addition, 79.4 percent of the barley import amount and sunflower import amount 11.4 percent and 13.3 percent of the soybean import amount came from these two countries.. Turkey also draws attention as the country that imports the most agricultural products from Russia.
Russia increased its wheat export by 8.5 percent on an annual basis to $8.8 billion last year.
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strong> 1.8 billion dollars of this export was made to Turkey. In other words, Turkey imported 6.7 million tons of wheat, worth 1.8 billion dollars, from Russia last year.