Global platform: wheat rises by 45% and Iraq is the lowest in terms of stocks

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[size=52]Global platform: wheat rises by 45% and Iraq is the lowest in terms of stocks[/size]

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Prices of Russian wheat exported from the Black Sea rose 45.9% to $394 per metric ton as of April 29, and higher wheat prices pushed up flour and bread prices.[/size]
[size=45]Argentina's FOB Up River soybean oil is up 53.61% over the past twelve months to $1,864.67 per metric ton, while FOB Black Sea Ukraine's sunflower oil is up 28.75%.[/size]
[size=45]According to Platts estimates from S&P Global Commodity Insights, the countries most at risk are the countries of the Middle East and North Africa are Oman, Lebanon, Egypt, Libya and Tunisia because they depend more on Russia and Ukraine for their food resources.[/size]
[size=45]She notes that Egypt gets 50% of its grain and 75% of its wheat from Russia and Ukraine, and that Lebanon has become highly dependent on wheat imports from Russia and Ukraine since the start of the economic crisis in the country in 2019, and the port explosion in 2020 led to Destruction of some grain stocks.[/size]
[size=45]The platform begs the question how long this war will last, but with things going now, food prices will surely rise for the rest of the year.”[/size]
[size=45]Wealthier countries - especially oil and gas exporters who benefited from the boom in energy prices and allied with Russia in the OPEC + alliance - have built up food stocks, but in general, the Middle East and North Africa remain vulnerable, due to their heavy dependence on imports from places as far away as Australia.[/size]
[size=45]Global supply is sufficient for now, said Monica Tuthova, an economist with the United Nations Food and Agriculture Organization, however, with supply chains becoming increasingly complex, Western sanctions preventing transactions with Russia and a decline in major exports from Ukraine, the outlook looks suspicious.[/size]
[size=45]Saudi Arabia used to be a wheat exporter in the 1990s, but the high cost of irrigation made imports more practical. Saudi Arabia is currently benefiting from high oil prices and ample grain stocks, with wheat reserves sufficient to meet domestic demand for 11 months. According to USDA estimates, Libya, Oman, Lebanon and Iraq are the lowest in terms of stocks.[/size]
[size=45]However, with the end of the Russian-Ukrainian war not approaching, food security will remain a precarious priority for Middle Eastern governments.[/size]
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