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Ed Webb

Food crisis looms as Ukrainian wheat shipments grind to halt | Financial Times - 0 views

www.ft.com/...9e-f29b-4677-b69e-a6e5b973cad6

Russia Ukraine food crisis inflation war Lebanon Egypt Syria Turkey WFP

shared by Ed Webb on 06 Mar 22 - Cached
  • Russia and Ukraine supply almost a third of the world’s wheat exports and since the Russian assault on its neighbour, ports on the Black Sea have come to a virtual standstill. As a result, wheat prices have soared to record highs, overtaking levels seen during the food crisis of 2007-08.
  • agricultural experts and policymakers have warned of the impact of delayed shipments on countries reliant on the region for wheat, grain, sunflower oil and barley
  • The surge in prices will fuel soaring food inflation — already at a seven-year high of 7.8 per cent in January — and the biggest impact will be on the food security of poorer grain importers, warned analysts and food aid organisations
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  • Ukraine accounts for 90 per cent of Lebanon’s wheat imports and is a leading supplier for countries including Somalia, Syria and Libya. Lebanon is “really struggling with an already high import bill and this is only going to make things worse,”
  • Russia also provides its Black Sea neighbour Turkey with more than 70 per cent of its wheat imports
  • Even before the Russian invasion of Ukraine, inflation in Turkey had had hit a 20-year high of 54.4 per cent in February. “The war is only going to exacerbate the cost of food,”
  • “What’s critical here is that the Black Sea offers a logistical and price advantage . . . Costs will rise significantly when [Turkey] buys from the US or Australia,” he said. “Even if the war ends tomorrow, Ukraine’s planting season has already been disrupted and it will impact the 2022 harvest regardless.”
  • The UN World Food Programme, which procures grains and food to distribute to poorer countries, bought just under 1.4m tonnes of wheat last year of which 70 per cent came from Ukraine and Russia.
  • The last time wheat prices spiked to these levels in 2007 and 2008 because of severe production declines in leading producing countries such as Australia and Russia, protests spread through nearly 40 countries from Haiti to the Ivory Coast, while a jump in grain prices in 2009-10 is regarded as one of the triggers of the Arab Spring uprisings in the Middle East.
  • Egyptian authorities say their wheat inventories will last until mid June and the Egyptian local harvest should start coming in by mid April. Any rise in subsidised bread prices and further increase in food inflation in Egypt “increases the threat of social unrest,”
  • Wheat inventories are tight everywhere and as Chinese and South Korean buyers of Ukrainian corn, used to feed livestock, sought sellers elsewhere, EU agricultural ministers on Wednesday discussed allowing farmers to boost production using the 10 per cent of land they usually leave fallow in response to the war in Ukraine.
  • “The supply chain is broken,”
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