After a dangerous escalation that seemed to anticipate a food crisis in much of the world, corn and wheat futures fell slightly in the early hours of this Friday the 25th, with several cities in Ukraine already besieged by Russia.
Wheat futures contracts closed last week at around 8.967 dollars per bushel (unit of measurement for solid merchandise in Anglo-Saxon countries, 27.2 kilograms for wheat), compared to 9.44 dollars observed on Thursday. Still, wheat markets are at their highest since 2012.
For its part, the price of corn reached 7,187 dollars per bushel (25.4 kilograms in corn) on Thursday, although this Friday it fell by around 5.45%, to 6,795 dollars. Despite the decline, the price of corn on the markets remains at its highest since 2013.
According to the Food and Agriculture Organization of the United Nations (FAO), Ukraine’s corn production was 30.3 million tons in 2020, while Russia produced 13.87 million, making them the fifth and the world’s tenth largest producer, respectively.
It should be noted that, in the case of corn, only Russia and the Ukraine together account for no less than 3.8% of world production.
In contrast, Russia is the third largest producer of wheat in the world, with 85.89 million tons produced in 2020, according to the FAO, while Ukraine ranks eighth, with 24.91 million. Together, its production is 17.7% of the world.
Source: Larepublica
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