Here are your top FOX Business Flash headlines for March 9th.
World food prices are about to rise.
In response to the ongoing Russian invasion, Ukraine has banned the export of various food products from its country. These products include wheat and oats, which are expected to have a significant impact on the food supply in Europe, Africa and Asia.
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Ukraine has banned the export of wheat, grain and other food products. (iStock)
Ukraine’s Agrarian and Food Policy Minister Roman Leshchenko explained that the decision was made as part of the country’s efforts to provide food for its own civilian population during the crisis, Reuters reported. As Russian troops slowly move across the country, normal supply routes from various areas are being cut off.
Ukraine is often referred to as the breadbasket of the world, and the cessation of wheat and grain exports could jeopardize food supplies to Europe and other regions.
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The Ukrainian government is working to feed its citizens while fending off a Russian invasion. (iStock)
The country also banned the export of millet, buckwheat, sugar, cattle and other meats, including organ meats from cattle.
Fox Business previously reported that about a quarter of the world’s wheat trade and a fifth of the world’s corn trade is in this region. After the Russian invasion of Ukraine, both countries had to close the ports used for the export of goods. It is not known when either side will be able to open these ports again.
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The cost of various food and beverages in Europe, Africa and Asia could rise, including beer. (iStock)
On Friday, World Trade Organization Director-General Ngozi Okonjo-Iweala explained that the situation will have a significant impact on the price of bread and other wheat products for ordinary people.
Some smaller brewers may also face higher prices for certain wheat and grains used in specialty beers.