• The price of wheat and corn continuously increasing on the world market.
The price of beef and corn rose again on Monday, February 28, 2022, amid tough sanctions imposed on Russia by Western nations following its invasion of Ukraine.
This adds to the turmoil in global markets and increases fears about food prices, already at their highest level since 2011, according to Bloomberg.
Russian banks excluded from SWIFT
The European Commission, the United States, Canada and Great Britain decided on Saturday, 26.02.2022, to freeze the assets of the Central Bank of Russia, and some Russian banks were excluded from the SWIFT interbank system, an essential tool for world finance.
Grain exchange
On the Chicago Grain Exchange, wheat was up 8,7% to $9,34 a bushel, and corn was up 5%, while soybeans showed a rise of 3,9%.
The increased prices come at a difficult time for countries that rely on wheat imports.
FAO, the Food and Agriculture Organization of the United Nations, is sounding the alarm about the high level of food prices, the highest level since 2011.
Worldwide repercussions
More than a quarter of the world's wheat trade, a fifth of the world's corn sales and 80% of sunflower oil exports are part of the portfolio of Ukraine and Russia.
Ukraine is a key exporter to the Middle East and the Mediterranean, and importers include Egypt, Turkey, Italy and African states.
Traders American stock markets the situation in Eastern Europe is expected to create opportunities to expand their share of the export market, according to Midwest Market Solutions Inc. president Brian Hoops.
France and Australia, big wheat growers, could also step in if supplies from Russia or Ukraine are severely affected.
Article written by Gabriela Dan, editor of Arta Albă.
Read on White Art and: The price of Romanian wheat influenced by the tense international context
