Volga Baikal AGRO NEWS Update on the World Food Prices !!!

Volga Baikal AGRO NEWS Update on the World Food Prices !!!

In March 2022, world food prices jumped by 12.6% at once, the Food and Agriculture Organization of the United Nations (FAO) reported. The prices of vegetable oils and grain rose the most. Russia and Ukraine collectively supply about 30% of grain and 80% of sunflower oil to the world market. Ukraine has actually dropped out of the market. Russian supplies via the Black Sea are difficult. And grain and sunflower oil are subject to restrictions in the form of quotas and duties.

Due to a sharp decline in supply, world prices for vegetable oils reached a record level, jumping by 23.2% in March. First of all, sunflower oil has risen in price, and it has pulled other oils for which the demand has shifted.

Grain has risen in price by 17.1% – now prices are at their highest since 1990. At the same time, wheat increased in price by 19.7%. Prices for feed grains increased by 20.4%: quotations of corn and barley reached a historical maximum. Corn has become more expensive by 19.1% – again due to a reduction in exports from Ukraine. The increase in the cost of energy and production resources also affected. Corn pulled other feed grains with it. Thus, barley has risen in price by 27.1% due to uncertainty with supplies against the background of an already limited supply.

Source: Rossiyskaya Gazeta