Tom Fisk | PEXELS

Apr 08, 2022

Ukraine War Creates Chaos for $120B Global Grains Trade

U.S. corn is going to Spain for the first time in four years

Soaring freight costs, port closures and supply-chain constraints have slammed exports from the Black Sea, reports Bloomberg.

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.

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Magazine

Marketwatch: Aug, 19

US Corn Price Idx: ZCPAUS.CM

open: 6.641
high: 6.7722
low: 6.6162
close: 6.7188

US Soybean Price Idx: ZSPAUS.CM

open: 14.2373
high: 14.5071
low: 14.1683
close: 14.448

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.8458
high: 7.8708
low: 7.6159
close: 7.6658

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 6.903
high: 6.918
low: 6.6755
close: 6.7339