Increase in Wheat Prices After the Russia-Ukraine War

As most of us know, the tension between Russia and Ukraine recently has gotten really out of hand these days. Russia declared on February 22 that it recognized the so-called Donetsk and Luhansk Republics in eastern Ukraine. As of today, the statements made by Russia to Ukraine officially declared war announced.

After the military operation of Russia, we conveyed the developments in the region to you. In some images from Ukraine, the war has already begun to show its terrible effects; It was seen that many people lost their lives. In addition to these, how the effects of the war on our country; It was also a matter of great curiosity how the prices of wheat, which is one of the products we import the most from Russia and Ukraine, will be affected.

Wheat prices saw the peak of the last 9 years

First of all, let us state that Turkey is the country that imports the most agriculture from Russia. As you can imagine, wheat also $1.8 billion It is at the forefront of these products with imports. According to the data, the amount of wheat imported by our country of 80% part comes from Russia and Ukraine. This shows how dependent we are on these countries for wheat; It shows that the supply problems that may be experienced in the event of a possible crisis may increase the prices.

According to the news, after the military operation launched by Russia today, fears began to emerge and wheat prices increased. Wheat futures in the Chicago stock market increased by 6 percent to $ 9.34; that too highest level in 9 years was stated. In addition, it was among the news that the price increased by 16.3% on a weekly basis and by 21.3% compared to the beginning of the year.

Wheat exports of Russia and Ukraine exceeded global total consumption this year. 23% of is expected to form. Experts also stated that the pricing in agricultural products; pasta, bread It thinks that it can directly affect basic food products such as The fact that Turkey is heavily dependent on these two countries in wheat imports shows that this situation is highly likely to increase the prices of basic food products such as bread in our country.

Experts in our country have similar opinions on this issue. According to Murat Kapıkıran, Head of the Istanbul Branch of the Chamber of Agricultural Engineers, the wrong agricultural policies are increasing Turkey’s dependence on Russia for agricultural products. For this reason, the war between Ukraine and Russia, bread prices in Turkey to record levels may trigger it.

The Ministry of Agriculture and Forestry has also made a statement on the subject.

After the additional news From the Ministry of Agriculture and Forestry The explanation came. Emphasizing Russia’s invasion of Ukraine, the ministry said, “It is seen that these developments will cause problems in the food supply of our country, especially wheat. Grain and other raw materials, especially wheat until the new harvest period It was foreseen that there would be no shortage in terms of supply.r” He stated that it is expected that there will be no problem in supply.

In a written statement, the Ministry also stated that there are grain supply opportunities from other countries:Although Russia and Ukraine have dominated our country’s grain supply in recent years, There are also grain supply opportunities from other countries and origins.. In addition, flour and feed regulation studies carried out by Turkish Grain Board are continuing. Together with these positive expectations in 2022 grain production, no problem is foreseen in our country’s food supply. The Ministry has all kinds of preparations and it is necessary to maintain the stability in the food markets. necessary measures will continue to be received.”