Russia threatening world with bread shortages as 20 million tons of wheat stuck in Ukraine

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Mr King explained how those already in the midst of poverty could be hit the hardest due to the increased price of wheat and its shortages. The Sky News journalist also discussed how the Russian wheat blockade has been causing worldwide panic. Due to the Russian invasion of Ukraine, wheat production and distribution in Ukraine have suffered. Ukraine is also one of the biggest global producers of grain.

The business journalist described the warning aid agencies, who are majority dependent on wheat were sending out about the food crisis.

Mr King said: “Wheat is another very very important dimension to this Ukraine and Russia.

“Prior to the war counted for 30 percent of global wheat exports and there is growing evidence that Ukrainian wheat exports are not going to be able to get out of the country.

“According to a report on Reuters, there is some $6 billion worth of grain export, some 20 million tons of wheat and corn that Ukraine was looking to get out of the country.

“It will not be able to now because of Russian sea blockades, so potentially that all go to waste.

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Mr King added: “It’s pushing up the price of wheat around the world, a bushel of wheat currently trading at $11.3¢.

“A bushel of wheat is enough to produce some 70 white loaves of bread and 90 wholemeal loaves of bread, weighing one pound.

“So you can see the implications of this and we’re getting warnings from aid agencies around the world of potential bread shortages and wheat shortages.

“Because some of the countries that are dependent on wheat, they’re quite the poor parts of the world.

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Mr King added: “If you take for example Lebanon, that gets something like 70% of its wheat from Ukraine.

“Now it’s already a country whose economy is in dire straits, but potentially you’re looking at big shortages.

“Just before I came in here, the Government of Iraq said that they had a weak stockpile of no more than three months.

“So potentially all of these countries are going to have to source their wheat from elsewhere.”

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Katie Tamblin, Chief Product Officer at Achilles, has been continuously warning that everyday food prices will rise.

Ms Tamblin said: “According to Commodities Analysis and Insight Ltd, prices had already increased on food commodities by around 15-25 percent on last year due to inflation and rumours of conflict.

“However, Russian and Ukraine account for almost 30 percent of global wheat, 18 percent of maize, and 50 percent of sunflower seed production.

“According to the latest Mintec Analytics report, consumers will likely see prices increase further.

“When Crimea was annexed back in 2014, for example, prices of wheat and maize rose by 20-25 percent, so there is potential for similar price increases to hit consumers’ back pockets in the not too distant future.”



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