The threat to wheat supplies from Russia's invasion of Ukraine has been exacerbated by a shift in global stocks away from major exporters such as the United States and European Union, undermining their effectiveness as a cushion in times of crisis.
U.S. wheat futures rose to a 14-year high on Thursday as importers scrambled for supplies following the closure of ports in Ukraine and disruption to supplies from Russia. The two countries account for about 29% of global wheat exports.
If Russia and Ukraine are excluded, other major exporters account for 16% of global stocks or enough wheat to feed the world for less than three weeks. Several states have been looking at ways to shield themselves against supply risks by increasing stocks of imported wheat or expanding their own production.
Saudi Arabia in December said it had approved an exceptional increase in its local wheat procurement price to boost domestic production, as it turns away from a previous policy of relying almost exclusively on imports. The majority of wheat stocks not in the hands of major exporters are now in one country, China, which is expected to account for 131 million tonnes, or 47%, of global inventories at the end of the current season, according to IGC data.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war: United Nations approves resolution condemning Putin, Russia: LIVE UPDATESThe Russian invasion of Ukraine stretched on into its seventh day Wednesday with a massive air assault on the second city of Kharkiv and forces moving toward the capital of Kyiv.
Read more »
Ukraine-Russia War: Russia occupies Kherson and Kyiv faces intense bombingsThe war enters a second full week. Thousands are dead, one Ukrainian city has been occupied, others are under siege, and a major European war continues.
Read more »
Russia-Ukraine live updates: Russia takes Kherson government building in siege on Ukraine’s port citiesRussia takes Kherson government building in siege on port cities, Ukrainian official says. Follow our live coverage.
Read more »
Biden vows to halt Russia, hit inflation; it's Beto vs. Abbott in Texas; Russia-Ukraine latestThings to know today: State of the Union recap; it's Beto O'Rourke vs. Greg Abbott for Texas governor; the latest from Russia-Ukraine war. Get caught up.
Read more »
Ukraine-Russia Live News: Russia gives first soldier casualty reportRussian soldiers fired gunshots while being confronted by protesting Ukrainians in Melitopol. Protesters followed the troops as they retreated. It is unclear if anyone was harmed by the gunfire. Read more:
Read more »