So it might not be the first thing on the intellectual or financial radar of global markets, however, according to the attached article, Russia and Ukraine actually account for a little over 25% of he global wheat exports. Countries such as Egypt, Sudan, Kenya, South Africa, Tanzania and Algeria all IMPORT wheat from both Russia and Ukraine. They also import other key items such as sunflower oil - another major export of the region.
This is why the sanctions imposed by the United States and others on the global stage can come with such enormous implications for global food and commodity based trading. And make no mistake, in many parts of the African Diaspora, wheat is a major trading commodity along with corn and beef. The global food chain depends on open markets and the free exchange of goods. While most people may perceive Africa as a gigantic agricultural super producer - and it truly is that and more - there are some items that have historically been imported in varying amounts, wheat being one of them.
There are a few silver linings for our agricultural friends who have been hit hard by rising prices in fertilizer and water shortages throughout the diaspora. The prices of wheat and sunflower oil, which are two of the biggest exports of Ukraine and Russia to the African Continent are bound to rise - and this means more money in the pockets of growers throughout the diaspora as they ramp up production to fill the gap left behind by Ukraine and Russia during this conflict! However, don't be fooled. There is really no long term upside to inflation. The consumer does carry the cost eventually and the market will always correct itself, most of the time at the expense of the common consumer and small business.
For now, check out this article and tell us what you think!