Ukraine: +90 billion grain prices in 3 months of war
Wheat
Ukraine
Published May 24, 2022
Tridge summary
Three months after the start, the war has already cost over 90 billion dollars globally alone due to the increase in wheat prices which have jumped by 36% but cascading effects have been felt on all food products. This is what emerges from the balance drawn up by Coldiretti on the impact of the increase in prices on the value of world production at the Chicago Board of Trade, on the occasion of the opening of Davos, the World Economic Forum with Ukrainian President Zelensky.
Original content
Wheat prices fluctuate around 12 dollars per bushel (27.2 kilos) resulting in a situation that in rich countries - underlines Coldiretti - has generated inflation but in poor ones it causes famine and risks of riots with 53 countries at risk of food according to the UN. On the other hand, speculation on hunger, which - explains Coldiretti - shifts from financial markets in difficulty to precious metals such as gold to agricultural products where prices depend less and less on the real trend of supply and demand. more and more from financial movements and market strategies that find in “futures” derivative contracts an instrument in which anyone can invest by buying and selling the product only virtually. The world production of cereals according to the International Grains Council (IGC) - reports Coldiretti - is estimated in 2022-23 equal to 2.251 million tons, down by just 2% compared to last year, due to the decline in corn, wheat and sorghum, but still the second richest ever. ...
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