Price of Wheat Hit Highest in 14 Years

The price of wheat on the US stock market has reached an all-time high. The price of a bushel of wheat (27.2 kg) on ​​the Chicago Board of Trade reached $ 13.63, which is a 77% increase in price this year alone.

The start of the war by Russia in Ukraine was followed by a shock to the prices of food raw materials. Russia is the largest exporter of wheat in the world, followed by the United States and Canada, and Ukraine is the largest exporter of wheat. Given the hostilities, there is a risk that the harvest in Ukraine will fall sharply this year. At the same time, Ukraine decided to suspend exports in order to avoid a shortage of significant food products.

Similarly, prices are rising for corn, which is approaching the 2012 value record.

In 2021, Georgia purchased 367,000 tons of wheat worth $ 93.5 million. Of this, $ 87.4 million (338,000 tons) of wheat was Russian and $ 4.6 million of wheat was American (24.4 thousand tons).

Given the record price growth, the price of wheat and bread products in the local market is also expected to increase.