“What we already know is that this is going to create a big and huge food crisis in the world,” Josep Borrell said before an EU foreign ministers’ meeting. On Thursday, European Union’s foreign policy chief accused Russia of provoking a global food supply crisis. Moscow has warned it would consider all ships sailing in the Black Sea region to Ukrainian ports to be potential military targets. Ukraine is a large producer of grains and oilseeds, and has previously been the world’s fifth-largest exporter of wheat. It followed a rise of more than 8% in wheat prices on Wednesday.Īround the world, prices for other agricultural commodities such as rapeseed and sugar have also been climbing. Wheat was trading almost 1.5% higher on the Chicago Board of Trade exchange on Thursday morning, while corn and soya bean prices were also rising. Grain prices had fallen by more than a third (35%) under the deal, which had been in place for just under a year in an attempt to alleviate a food crisis prompted by Russia’s blockade of Ukrainian ports that had prevented the transport of millions of tonnes of vital cereals.
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