Wheat prices rise globally due to the crisis of Russia and Ukraine; Egypt has a safe stock

Published 2022년 3월 7일

Tridge summary

The global wheat market is experiencing price hikes, reaching record highs due to the ongoing Russian-Ukrainian conflict, which has disrupted wheat supplies from one of the world's major bread baskets, Ukraine. To mitigate the impact on domestic prices, the Egyptian government is taking steps to increase local wheat production by expanding planted areas and expecting increased yields from farmers. This strategy aims to bolster the country's strategic wheat reserve and ensure self-sufficiency in bread production. Additionally, other countries are implementing measures to control their local food supplies by banning exports or increasing control over produce, while farmers in growing regions like the United States, Canada, and Western Europe are expected to compensate by increasing production to offset the higher prices and potential volatility in weather conditions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Russian-Ukrainian crisis continues to cast a shadow on the world, and affects the prices of all strategic commodities, and wheat prices rose globally to their highest levels, as well as the prices of future contracts on the Chicago Stock Exchange. In addition to the approach of the local wheat supply season, which begins at the end of next April, and the Ministry of Supply is expected to receive more than 5 million tons from farmers during this season, to raise the strategic reserve of wheat designated for the production of subsidized bread until the end of this year. The local wheat crop for this season, as an inevitable result of increasing the area of land planted with strategic crops, including wheat, according to the state’s plan to achieve self-sufficiency in all food commodities, which makes it safe from the impact of the Russian-Ukrainian war on the prices of food commodities in the world. The Central Agency for Public Mobilization and Statistics revealed, in His ...

Source: Akhbarelyom