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Jun 9, 2022
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'Prices of Australia\'s biggest crop are rising from already highs amid fears that Russia\'s invasion of Ukraine will disrupt global food supplies. Rab... #Ukraineconflict #propelsAussie #grains news, national Prices of Australia\'s biggest crop are rising from already highs amid fears that Russia\'s invasion of Ukraine will disrupt global food supplies. Dennis Voznesenski, an agricultural analyst at Rabobank, said a full-scale conflict between Russia and Ukraine could stall exports from the region, which could lead to further increases in food prices such as wheat, canola and barley . These grains represent Australia\'s three main crops and commodity exports. The conflict is also expected to have an impact on the sorghum market. Russia and Ukraine account for about one-third of the global grain and oilseed trade, meaning any disruption will affect global grain markets. \"Food prices started to rise even before the world lost access to Black Sea grains and oilseeds, which only added to the upward pressure on global food prices,\" Mr Woznesenski told AAP. Global wheat prices are up about 18% since the beginning of the week, while wheat prices are up 39% from a year earlier. With the humanitarian fallout from the invasion still unfolding, global markets that track everything from oil to stocks and currencies have been heavily traded in recent days as investors weigh the impact of the conflict in such a resource-rich region. While local grain prices rose, gains were capped by ample domestic supplies, export restrictions in Australia and a strong seasonal outlook. Global wheat prices could rise another 5% to 10% because of the conflict, Mr Woznesenski said. “If Black Sea wheat doesn’t leave Black Sea ports by July – either because of a full-blown conflict or sanctions on Russian wheat exports – then it will enter the next Black Sea harvest window and we could see a significant price increase.” Mr Voznesenski He said any sanctions on Russian wheat exports would bring long-term changes to the global wheat trade. Victorian grain farmer Brett Hosking said the conflict was already having an impact on the Australian grain market, but said the long-term impact was unclear, Mr Hosking, chairman of industry association GrainGrowers, said: \"It\'s really hard to say what impact this will have on grains at the moment. , apart from short-term volatility. We know there will be some impact because we know the infrastructure in Ukraine has been destroyed and Russia has been sanctioned,\" he said, while Australia'
Tags: Grains , Ukraine conflict , propels Aussie
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