With the war threatening more than a quarter of the world’s wheat shipments and about a fifth of corn, the world is at risk of more severe food shortages and worsening hunger.
Buyers are on the hunt for alternatives, and sellers are finding ways to fill the void. India, which tended to keep its large wheat harvests at home, is jumping into the export market with record volumes.
Brazilian shipments for the first three months almost doubled those in all of last year. U.S. corn is going to Spain for the first time in four years, while Egypt is looking to swap fertilizer for Romanian grain and holding wheat talks with Argentina.
The emergence of new trades comes at a cost: pricier freight, longer transits or differing quality, which further accelerates food inflation, says Bloomberg.