A rise not seen in 14 years.. Wheat prices rise to record levels due to the war in Russia and Ukraine

The grain commodity market witnessed a new wave of price hikes amid fluctuations in global commodity exchanges, while the government confirmed the daily pumping of strategic commodities into the outlets of the Ministry of Supply.
Dr. Ali Al-Moselhi, speaking at the inaugural Forum of the Mediterranean Rim Countries in Naples, Italy, said that the Corona virus crisis had caused a major logistical crisis in trade flows, which led to a rise in global prices.

Finance Minister Mohamed Maait said in an interview with Al-Sharq Bloomberg that the rise in wheat prices in international markets will increase the cost of importing the commodity to the country, which ranges between 1.2 and 15 billion pounds. Budget for the current fiscal year.

On a related level, the Minister of Supply received reports from the heads of the two wholesale companies, the Egyptian General, about the exchange rate of food commodities on the support card. 1500 warehouses transport strategic materials to exchange points every day, about 4000 tons of sugar, 3000 tons of oil, 1000 tons of noodles and rice every day.

Attia Hamad, head of the bakery division at the Federation of Chambers of Commerce, said the price of a ton of travel flour had reached £9,000 and had seen a rise of £3,000 to £12,000.

Zakaria Al-Shafei, head of the oil sector in the Federation of Industry, explained that the oil extraction, refining and packaging companies have not yet raised their prices on tankers, but they have removed the reduced value they offered. Dealers and distributors pointed out that. Domestic market prices remain stable.

Mata Pichai, head of the Internal Trade and Supply Committee of the General Directorate of Importers, said that traders and importers imported Ramadan goods, potatoes and nuts, stressing that the stock of goods is safe and sufficient for consumption, but some goods have increased due to geopolitical tensions. .

Wheat prices continued to rise this week to their highest level in 14 years, amid concerns that the escalating conflict between Russia and Ukraine will affect food prices amid a wave of global inflation.

After rising more than 20% from all of 2021, wheat prices are up 37% so far in 2022 and corn prices are up 21%, according to Forbes.

Chicago wheat futures continued to rise to $11.34 a bushel, the highest since 2008, as fighting between Russia and Ukraine threatens to disrupt global food supplies.

Russia and Ukraine, which together account for about 30 percent of global wheat exports, are particularly important suppliers to the Middle East, North Africa and Asia, but the ongoing conflict has raised concerns about global wheat shortages and soaring food prices.
Higher wheat prices can increase the cost of goods for food producers, who in turn can pass on some of these costs to consumers.
For example, this may raise the price of US consumer goods such as grain and bread, and may not be immediately noticeable because consumer prices typically lag behind those of basic commodities. It is pre-contracted.

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