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Russia’s assault on Ukraine goals to hit international meals provide chains

John Ellens by John Ellens
February 24, 2022
in Economy
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Russia’s assault on Ukraine goals to hit international meals provide chains
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World meals costs are anticipated to rise even additional after Russia’s assault on Ukraine threatened provide chains and boosted commodity markets that had already hit multi-year highs.

In accordance with the US Division of Agriculture, Russia and Ukraine collectively account for a 3rd of world wheat exports, a fifth of corn commerce and almost 80 % of sunflower oil manufacturing.

The assault has led to a ban on all service provider ships within the Azov Inland Sea – which connects to the Black Sea – and the closure of Ukrainian ports. About 90 % of Ukraine’s grain exports are transported by sea, and the disruption is predicted to have a devastating influence on meals provide flows, analysts mentioned.

Wheat costs are up greater than a fifth year-to-date to close 10-year highs, whereas corn costs are up 15 %.

The provision disruption and the seek for various sources of grain will hit provide chains, that are already scuffling with excessive demand and rising costs attributable to poor harvests in key exporting international locations reminiscent of Canada. “The inflationary threat to meals costs arising from this battle seems acute,” mentioned Helima Croft, an analyst at RBC.

Clive Black, analyst at UK brokerage Shore Capital, mentioned: “Present occasions in Ukraine completely have us fascinated about the provision chain and the inflation outlook with rising concern.”

With Ukrainian and Russian stockpiles of wheat and different grains nonetheless awaiting cargo, analysts mentioned costs would proceed to rise. If a good portion of Russian and Ukrainian grain isn’t shipped, wheat costs may soar to ranges not seen because the 2007-08 disaster, when rising grain costs sparked unrest in some international locations, in accordance with Andrey Sizov of Moscow grain analysis agency Sovecon.

Ukraine is named the “breadbasket of Europe” and lots of international locations within the Center East and North Africa additionally rely closely on it for wheat provides. In accordance with the US assume tank Heart for Strategic and Worldwide Research, any provide disruption would have severe implications for meals safety in a variety of international locations.

Lebanon imports 50 % of its complete wheat consumption from Ukraine, adopted by Libya with 43 %, Yemen with 22 % and Bangladesh with 21 %. “Of the 14 international locations the place Ukrainian wheat is a significant importer, virtually half already undergo from extreme meals insecurity,” mentioned Caitlin Welsh, director of world meals safety at CSIS.

Line chart of CBOT wheat ($ per bushel) showing wheat bouncing in Russian attack on Ukraine

Different international locations that rely on Ukraine and Russia for grain provides embrace Egypt, the world’s largest wheat importer, the place the 2 international locations accounted for 86 % by worth of their wheat imports in 2020, and Turkey, the place 75 % of their international purchases of wheat got here from Ukraine and Russia. Egypt had wheat shares by way of November and was additionally diversifying its sources, in accordance with the nation’s provide ministry.

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For China, a few third of its corn imports comes from Ukraine and is used to feed the world’s largest herd of pigs. “Individuals booked corn shipments from Ukraine,” mentioned Darin Friedrichs, co-founder of agricultural analysis group Sitonia Consulting in Shanghai. Any disruption to those provides would drive Chinese language hog producers to look to various sources, together with US farms.

The meals business, notably in Europe and the UK, may also be affected by rising power costs.

Additional will increase within the worth of pure fuel, the principle ingredient in fertilizers, will have an effect on meals costs if farmers can not afford the associated fee hike and will have an effect on crop high quality and manufacturing in the event that they cut back consumption. Yara, a Norwegian fertilizer firm, mentioned in its newest earnings launch that prime fuel costs are a problem for the business in Europe, including to “international meals safety issues in a scenario the place provides of key vitamins are already in brief provide”.

Extra reporting from Heba Saleh in Cairo and Harry Dempsey in London

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