Recent aggression in the war between Ukraine and Russia propelled roller-coaster wheat prices last week.
Mark Welch, Ph.D., Texas A&M AgriLife Extension Service grain economist, Bryan-College Station, said continued conflict and/or escalation is likely to further contribute to volatile global wheat prices and influence U.S. production in 2024.
Russian and Ukrainian farmers in that region produce one-third of the world’s wheat supplies, and the conflict has created a volatile grain market since the war began in late February 2022.
Recent actions by Ukrainian and Russian forces have impacted agricultural and shipping infrastructure. Russia withdrew from a tentative agreement that allowed Ukrainian grain exports to move out of the Black Sea and signaled it would treat ships around Ukrainian ports as military targets.
Welch said some Ukrainian grain shipments have continued to move overland and out of ports, but those exports were down significantly. Meanwhile, Russia is exporting record amounts of wheat.
Source: tamu.edu
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Categories: Kansas, Crops, Wheat