Rising global wheat prices make pasta and bread expensive

With concerns over tightening wheat supply across major producers, end products such as bread and pasta in importing nations are becoming costlier. Apart from a likely decline in supply, export regulations imposed by countries like Russia and Belarus are also seen supporting wheat prices. Global wheat supplies are seen shrinking across key exporters Russia, the US and Canada due to weather vagaries like drought or floods. Led by reductions in these major countries, the US Department of Agriculture has lowered world wheat supply estimates for MY2020-21 by 16.8 million mt to 1.066 billion mt. For Russia, the top producer, wheat output was reduced 12.5 million mt to 72.5 million mt on a likely smaller winter wheat harvest due to frost during February-March, said USDA. Russian wheat is typically used for baked goods. Canada’s wheat production was lowered by 7.5 million mt to a 10-year low of 24 million mt on drought across the Prairie provinces during July. The country is the biggest ...