STORY: How will the invasion of Ukraine affect global wheat prices?

The ongoing invasion of Ukraine by Russia is expected to disrupt the price and supple of wheat and grain around the world.

As reported by the New York Times, Russia and Ukraine produce nearly a quarter of the planet’s wheat combined; the current war is threating to cut off some international shipments, creating shortages that will push ingredients prices even higher than seen during the pandemic.

Both nations are also key global suppliers of corn, barley, sunflower seed oil and other products - Ukraine’s national flag design is even based on its iconic fields of wheat, set against a blue sky.

Bakers in the UK, as well as millions of consumers and businesses in other countries, could soon be seeing the cost of vital ingredients fluctuating as the war in Europe's second-largest country continues.

The rising costs of fertiliser and fuel affecting farmers in Russia and Ukraine is also expected to further impact the global food market.

David Laborde, a senior research fellow at the International Food Policy Research Institute, told the New York Times the crisis would “likely have an immediate impact on the global wheat market stability… [and the next wheat harvest begins in four months.] By then, if farmers could not harvest due to lasting military operations, or if port facilities and railroads have been damaged, the situation will be particularly gloomy.”

We want to hear from you

Bakery Business magazine wants to hear your thoughts on how the crisis in Ukraine may affect the UK food industry.

Please also let us know if your business is doing anything to help and support those affected by the ongoing events. Email [email protected] today.

(Main image by Polina Rytova on Unsplash)

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