Wheat prices have risen markedly on world markets since Russia attacked Ukraine on Thursday.
The price of a bushel of wheat, which is equivalent to 17.4 liters, rose more than 5% on Thursday to just under USD 935, about NOK 6,000, the highest level since 2012.
Russia is among the world’s largest wheat producers. But the price of wheat is under double pressure, as Ukraine is also among the world’s largest wheat producers.
Russia and Ukraine together account for 25% of all wheat exports in the world.
Higher prices for wheat flour and other wheat products may affect consumers in western countries, where the authorities are already concerned about rising inflation.
On Thursday, Chinese customs officials gave the green light for wheat imports from all regions of Russia, which could give President Vladimir Putin an alternative to Western markets that could be affected by possible sanctions.
Background: Russian attack on Ukraine
In the middle of the night, around 4 AM Norwegian time, in an extraordinary television address, Russian President Vladimir Putin announced that Russia was launching a military operation in Ukraine.
Putin announced the attack on Ukraine during an extraordinary session of the UN Security Council.
Ukraine has closed its airspace to civilian flights.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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