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(Photo by Chip Somodevilla/Getty Images) Amid record-high inflation and gas prices, Americans may soon have another economic crisis to worry about at the dinner table: a wheat shortage.
President Joe Biden and his administration have already blamed Russian President Vladimir Putin and his invasion of Ukraine for soaring gas prices and general economic mayhem. Now, with Russia and Ukraine responsible for exporting more than one-quarter of the world’s wheat supplies, shoppers in the U.S. may start to feel the pain of the war at the grocery store, too.
In 2019, Ukraine and Russia combined to supply about 25.4% of the world’s wheat, according to the Observatory of Economic Complexity. Russia is the world’s largest wheat exporter; Ukraine ranks fifth. While that’s a staple crop for both countries, it isn’t the only one of importance — in total, the International Grains Council estimates that the two countries account for about one-quarter of the entire world’s grain trade.
Now, much of that grain isn’t going to make it out of Ukraine and Russia on schedule because of Putin’s war of aggression. Russia has banned grain exports to Europe until at least the end of August, in a retaliatory measure to western sanctions on the Kremlin. Ukrainian farmers are not only fighting to save their country, but are short on goods like fertilizer and fuel — Russia is the world’s biggest fertilizer exporter — meaning this year’s harvest of wheat will only be a fraction of a typical amount. (RELATED: Putin Takes Aim At Key Commodity, Raw Material Exports On The Heels Of Biden’s Russian Oil Ban)
To the extent that Ukrainians can continue to grow food, it won’t be going elsewhere. To prevent starvation in cities under Russian siege, Ukraine has temporarily banned the export of commodities like wheat and oats so it can […]
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