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There is a reason why Ukraine is called the granary of the world.
Russia’s invasion of Ukraine is more than likely to have ripple effects in Europe and the rest of the world. One of the most immediate consequences of the conflict will be a reduction in the supply of wheat and corn.
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Already strained supply lines are likely to face more stress due to the war in Ukraine. (iStock)
About a quarter of the world’s wheat trade and a fifth of the world’s corn come from the region, according to Bloomberg. Since Russia invaded Ukraine, both countries have had to close ports used to export goods. It is not known when any of the countries will be able to reopen these ports.
On Friday, WTO Director-General Ngozi Okonjo-Iuela explained that the situation would have a significant impact on the price of bread and other wheat products for ordinary people.
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About a quarter of the world’s grain and about a fifth of the world’s corn come from the world’s bread basket. (iStock)
Countries that buy wheat and corn from Ukraine and Russia will now have to look elsewhere, which puts more strain on international suppliers.
An expert speaking to Bloomberg explained that the situation will put more pressure on areas of the world where supplies are already lower than normal.
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Barley, one of the key ingredients in beer production, is heavily produced in Ukraine. (iStock)
Fox Business previously reported that due to the shortage of wheat beer is likely to increase prices in the coming months.
Barley, one of the key ingredients in beer production, is heavily produced in Ukraine. The region is often called the “granary of Europe” because of the large amount of grain grown in the region.
However, it is not clear what effect this will have on the price of beer. Large brewers, such as Molson Coors, have reportedly managed to bear the higher costs while maintaining the same price for consumers.