The war in Iran is causing a sharp rise in prices for wheat, corn, and soybeans
Due to the blockade of the Strait of Hormuz resulting from the war in the Middle East, there is a shortage of fertilizers, leading to rising prices for wheat, corn, and soybeans.
This is reported by the German publication Handelsblatt.
“Since the outbreak of the war in the Middle East, grain prices have risen significantly: wheat has become nearly 10% more expensive, corn futures have risen by more than 6%, and soybeans now cost about 5% more,” the report states.
Wheat prices have temporarily reached a two-year high, while corn has risen to its highest level in the past year. At the same time, the Food and Agriculture Organization of the United Nations (FAO) Food Commodity Price Index has hit a three-year peak.
Experts cite an acute shortage of fertilizers, caused by the blockage of a strategic sea route, as the main factor behind the price increases. Experts warn that the current rise in the cost of agricultural commodities may be only the beginning of a longer-lasting crisis in the global food market.
As a reminder, bread prices have risen again in Ukraine.
Fuel prices are also adjusting in Ukraine. Some major chains are maintaining stable prices, while the state-owned gas station operator has lowered the price of one of the most popular types of gasoline.
Global meat prices have reached a historic high.
