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Deepening tensions seen curbing food supplies, lifting prices: Traders

A lack of supplies from the Black Sea region could lift demand for the bread-making ingredient from the United States and Canada

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Photo: Bloomberg

Naveen Thukral, Gavin Maguire | Reuters Singapore
Escalating tensions between global crop heavyweights Russia and Ukraine are likely to force wheat, corn and sunflower oil buyers to seek alternative shipments, driving up world food prices already near multi-year highs, analysts and traders said.

Global stock markets tumbled while crude oil surged on Tuesday as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.

With the two countries accounting for around 29 per cent of global wheat exports, 19 per cent of world corn supplies, and 80 per cent of world sunflower oil exports, traders worried that

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First Published: Feb 23 2022 | 12:57 AM IST

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