Ukraine Farm Minister: At Least 5MNT Wheat In Territory Held By Russia

Reuters carrying comments from Ukraine's farm minister stating that the Russian invasion will hit three wheat growing and exporting seasons in a row.

• States that five million tonnes of wheat are on Ukrainian territory occupied by Russian forces.
• Says that Ukraine may 'significantly decrease' the winter wheat area sown for the 2023 harvest due to the war.
• There remains significant global concern about the economic and political impact of grain shortages caused by the war in Ukraine. Countries reliant on Ukrainian grain then subsidised by the gov't, notably in the MENA region, have experienced notable political unrest in the past when bread prices spike.
• Ukraine alone supplies over half of the wheat to the World Food Programme's annual wheat supply, posing major risks to food security in vulnerable nations.
• Efforts of the West to convince Russia to allow 'grain corridors' seem to have fallen on deaf ears with no movement from Moscow on the issue, likely ensuring sustained global food price increases over the coming quarters.