In the last year, the price of wheat on the Chicago Stock Exchange rose by more than 100%, the price went from US$ 6.00 to US$ 12 per bushel. This has directly affected the food trade around the world, also impacted by the conflict in Eastern Europe, between Ukraine and Russia, the two largest wheat producers.
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ALSO READ: EU Crop Monitor Reduces Wheat and Barley Yield Outlook Due to Drought Wheat acreage in Brazil grew 17% last year to 2.73 million hectares (Photo: Getty Images) Argentina, for example, which is the largest supplier of the product to Brazil, is holding back the wheat it could export to prevent the domestic price from rising too much. India, a country that produces more than 100 million tons a year, also warned last week that it will hold back almost 2 million tons of wheat; that was enough for the price to skyrocket The biggest supply problem is in Ukraine, which has about 22 million tonnes of wheat in storage ready for export, but Russia is not allowing it to exit through Black Sea ports. There are even rumors in the market that Russia would be appropriating this cargo. This has contributed to the price increase. So the price has doubled and the market is much more concerned about the next three months off-season. Brazil is still planting the wheat crop, while the other ...
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