Ukraine war could send bread, noodle and livestock feed prices skyrocketing
ABCThe Russian tanks and missiles besieging Ukraine are also threatening the food supply and livelihoods of people in Europe, Africa and Asia who rely on the vast, fertile farmlands of the Black Sea region — known as the "breadbasket of the world". Key points: Russia and Ukraine combine for nearly a third of the world's wheat and barley exports Wheat prices surged 55 per cent a week before the invasion amid concerns about what could happen The biggest impact of the war could be on Egypt, the world's largest wheat importer Ukrainian farmers have been forced to neglect their fields as millions flee, fight or try to stay alive. While there have not yet been global disruptions to wheat supplies, prices have surged 55 per cent since a week before the invasion amid concerns about what could happen next. Fears bread prices could skyrocket in Egypt Anna Nagurney, a professor of supply chains, logistics and economics at the University of Massachusetts Amherst, said: "Wheat, corn, oils, barley, flour are extremely important to food security … especially in the poorer parts of the globe." African countries imported agricultural products worth US$4 billion from Russia in 2020, and about 90 per cent was wheat, said Wandile Sihlobo, chief economist for the Agricultural Business Chamber of South Africa.