Russia-Ukraine War Causing Trade Shifts in Staple Crops, USDA Says
Many nations that rely on Ukraine for wheat are shifting their purchases to other countries due to issues caused by Russia’s war in Ukraine, the USDA Foreign Agricultural Service said in an April 6 report. The agency said Ukraine, which…
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accounts for 10% of the global wheat trade, is losing buyers to the EU, India, Australia and Argentina. Some buyers may turn to U.S. wheat exports, USDA said, but American wheat typically costs more than other suppliers'. U.S. corn exporters, however, could “bridge any global supply gap” caused by the war in Ukraine, which accounts for about 15% of global corn trade. Argentina, Australia, Canada and the EU could fill the gap for barley exports, USDA said. The agency specifically said Argentina and potentially Australia “are expected to have high exportable supplies” due to record harvests.