Deutsche Wirtschafts Nachrichten experts say that a deficit of Russian wheat may cause world hunger. The market does not control wheat prices anymore and they are climbing to record levels. If the situation does not change, the world may suffer from starvation. Commerzbank analyst Carsten Fritsch noted that Russia and Ukraine together accounted for up to 30% of global wheat supply. However, the two countries are already cut off from the world market. Against this background, many countries around the world are likely to experience starvation. In the current situation, the countries of North Africa and the Middle East, the largest importers of grain, are particularly vulnerable. The food crisis is worsening amid the shrinking reserves of the leading wheat exporters - the EU, Russia, the US, Canada, Ukraine, Argentina, Australia, and Kazakhstan. Wheat reserves of these countries have reached the lowest level at 57 million tons last seen nine years ago. Experts say that this amount of wheat will meet the global demand only for 27 days. Excluding supplies from Russia and Ukraine, this will be enough for less than 21. The cited research notes that in November 2016, one ton of wheat cost €113, in April 2021 - €165, and in November 2021 – €278, and the uptrend continues. China plays an important role in the global wheat market since the country's reserves are estimated at 131 million tons. However, it is impossible to verify the information since Beijing considers these data to be classified. Deutsche Wirtschafts Nachrichten emphasizes that wheat futures in Europe have almost doubled, and in the US, they have risen by 2.5 times.
