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Russia and Ukraine are among the top wheat exporters in the world. With the recent Russian invasion of Ukraine, the prices of wheat have started to spike around the world.

The majority of the wheat from Russia is shipped to the Middle-East and Africa (e.g Egypt, Nigeria, Yemen). Ukraine also exported a little over a billion dollars worth of wheat to Africa in 2020. The looming sanctions on Russia and the disruption in Ukrain could soon push wheat prices up in these countries.

Other commodities like soybean and vegetable oils are also witnessing a spike in prices. Russia and Ukraine combined export about 80% of the world's sunflower oil.




 

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