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this post was submitted on 24 Jul 2023
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What will be interesting to watch is how it affects food prices in countries that didn't import grain from Ukraine in the first place (like the US). I'm guessing there will still be a significant effect.
Wheat prices were up 77¢ according to a friend looking at fields that haven't been contracted yet. That's just this morning. Don't know if they continued to rise or if they plateaued, but that's what the response was in the Midwest.
77ct without a reference of how much it was before isn't saying much
$7.5010 per bushel on July 21st
The US is literally a world away with huge resources of their own.
It's North Africa and Arabia that are going to bear the brunt of it, and Europe too to a lesser extent (they at least have more access to the Atlantic).
Just like the last time there was a forced blockade of grain exports from Ukraine, worldwide wheat supplies were re-routed to underserved markets, making everyones' bread and wheat products worldwide spike in price.