Wheat Prices Going Up as Russia Invades Ukraine. 2 Countries Control More than 1/4 World’s Wheat

RUSSIAN ARMY military vehicles drive along a street in Armyansk, Crimea, yesterday, after Russian President Vladimir Putin authorized a military operation in eastern Ukraine. (photo credit: REUTERS)

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • World wheat prices begin to soar amid the war in Ukraine
  • Mideast governments must hike bread subsidies if they don’t want chaos in the streets, experts say.
  • As weeks of tension now turn to open warfare between Russia and Ukraine, the effects on the global economy are becoming clear. World trade in wheat is greater than for all other crops combined, and its price reached a nine-year high on Thursday, $9.32 per 60-pound bushel, as the escalating conflict led to expectations of disrupted supplies.
  • Russia is the third-largest producer of grain, after China and India, and Ukraine is the ninth-largest. Together, the two warring countries produce more than a quarter of the world’s wheat and nearly a third of global exports.

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