Black Sea Conflict Sparked Global Wheat Shortage Amid Price Surge

The global wheat shortage has worsened due to the ongoing conflicts in Ukraine and Russia. The export of wheat by the Black Sea has virtually ceased, depriving the world market of approximately 5-7 million tons of wheat.

This loss represents a significant portion of the global supply, as these two countries provide a quarter of the grain on world markets.

The price of wheat has risen sharply over the past week and August, increasing by 10 percent and 20 percent respectively.