High global wheat prices through 2023 – IFPRI analysts (Successful Farming)

Successful Farming published an article stating that there are no overnight replacements for Ukraine and Russia in global wheat production. IFPRI analysts said, “Even under the most optimistic assumptions, global wheat prices will remain high throughout 2022 and the trend is likely to persist through 2023, given limits on expanding production.” Egypt, the world’s largest wheat importer, was particularly at risk because of its bread subsidy program, which feeds millions of its citizens. The spike in prices could nearly double the cost of wheat imports, to $5.7 billion. “Overall, it will be difficult to expand the global wheat supply in the short term,” said the IFPRI blog post, How will Russia’s invasion of Ukraine affect global food security? “Over the coming year and beyond, Canada’s and Kazakhstan’s exports may be able to make up for the deficit created by the loss from Ukraine production — but at a higher cost due to longer shipping routes and increased shipping costs triggered by high oil prices.” Republished in Fern’s AG Insider.