NPR published an article stating that this year, many Ukrainian farmers were forced to flee their land as Russian forces moved in with their tanks. Ukraine is one of the biggest producers of wheat, corn, and sunflower oil, and the war has wreaked havoc on the so-called “breadbasket of Europe.” Ukraine and Russia together account for over a quarter of the world’s wheat exports. Ukraine’s Ministry of Agriculture now says that 30 percent of the country’s farmland is occupied or unsafe. While the United States does not import Ukrainian wheat, it will not be immune to the supply shock. Senior research fellow Joseph Glauber says American consumers will likely see prices go up on wheat-based products, from bread to cereals to pizza. “The loss of Ukraine right now, in the sense that no grain is moving out of their ports, has pushed up prices to 25 percent over price levels, which were already high and rising.” He referred to the pre-war increased prices, and went on to say, “And that’s critical to this story in the sense of markets were already tight with low inventories and very high prices, the highest prices we’ve seen in about 10 years for a lot of commodities, even prior to the Russian invasion.” Republished by KUCB, Wisconsin Public Radio, WUSF (Florida), Spot on Georgia, World News Net, The Wall, Spot on New York, Rocket News, WVTF, and dozens of other media outlets.
Russians wreak havoc on Ukrainian farms, mining fields and stealing equipment (NPR)
May 06, 2022