The world faces a shortage of grain and oil

The global food crisis that began during the pandemic is exacerbated by the suspension of wheat and sunflower oil exports from Russia and Ukraine. This problem will not affect Russia itself, but the EU has already taken care of the lack of food. A group of vegetable oil producers FEDIOL recently reported that the EU is facing a shortage of sunflower oil. Ukraine and Russia together account for about 80% of all world exports of this product. Now Ukrainian ports are closed, and from there 35-45% of all sunflower oil came to Europe. Stocks will last for four to six weeks, after which European consumers will face a shortage, according to the association. Meanwhile, wheat prices on the world market are breaking records. So, on March 7, Reuters reported that wheat futures on the Chicago Stock Exchange rose to a 14-year high. Buyers are afraid of the termination of deliveries against the backdrop of a difficult geopolitical situation. Most of the shipments fall on the Black and Azov ...