Wheat prices at all-time highs after decision of India to avoid preventing the export of grain. The increase is 6% to 435 euros per ton from 422 euros at the close of trading last Friday. Prices were already under severe pressure from the war in Ukraine, which blocked supplies from Russia and Ukraine and the transit of cargo across the Black Sea. The two countries account for about 20% of world grain exports. India is the second largest producer in the world and hitherto the harvests had partly compensated for the lack of supplies from the warring countries. The country is fighting an extraordinary heat wave and temperatures over 45 degrees, a phenomenon that weighs on wheat production in the north. The forecast states that total production will fall by 5% this year.
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The countries most dependent on imports of Russian creations are Turkey, Egypt, Bangladesh, Yemen, Pakistan and Tunisia. Those from Ukraine are Indonesia, again Egypt, Bangladesh and Pakistan and then Lebanon. The scarcity of fertilizers it’s hampering the ability of other big exporters like Brazil to ramp up production. Wheat prices are well above levels that contributed to riots in the countriesl North Africa and the Middle Eastthe Arab Spring of 2011. Protests are already taking place in Iran and the food crisis is one of the factors that triggered the protests that led to the resignation of the government and the application of the curfew in Sri Lanka. Last Friday the FAOa United Nations agency that deals with food reiterated the seriousness of the emergency by presenting a three-step plan to deal with the acute phase. Coal also hits new highs in Asian markets, still the most widely used fossil fuel in the world. High-energy coal shipped from Australia’s port of Newcastle has been selling for nearly $400 a ton. The war in Ukraine and the drop in deliveries from Australia weigh heavily.
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