Tensions between Russia and Ukraine are heating up again, with no impact on Indonesian flour

Published Jul 25, 2023

Tridge summary

Wheat prices are predicted to increase due to several factors, including potential disruptions in supply caused by weather conditions and President Putin's decision not to extend the Black Sea Grain Initiatives. However, these developments are unlikely to impact Indonesia, as the country does not depend on Black Sea or Ukrainian wheat. Indonesia primarily imports wheat from Australia, with a total of 9.45 million tons in 2022, and the price of wheat flour in the country remains stable.

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

Original content

Jakarta, CNBC Indonesia - Tradingeconomics analysis predicts wheat prices will move up to around US$7.3 per bushel. One of the reasons is thought to be due to weather conditions that have the potential to disrupt supplies. Apart from that, President Vladimir Putin's decision not to extend the Black Sea Grain Initiatives, plus the Russian attack that bombarded the grain terminal in Odesa, Ukraine are also considered to have contributed to the current movement in wheat prices. International wheat prices have been observed to have fluctuated, tending to increase since July 17 2023 and today, Tuesday (25/7/2023) are moving at US$ 7.42 per bushel (a bushel, 1 bushel of wheat = 27.2 kg). This is the data quoting Tradingeconomics at 16.14 WIB. As is known, the Black Sea Grain Initiatives is an agreement initiated by Turkey and the United Nations after the Russian attack on the country on February 24, 2022. This agreement allows Ukraine to export grain across the Black Sea safely. Where, ...

Source: Cnbcindonesia