Wheat Price Has Set a Record in the Last 10 Years

The cost of wheat in the world continues to break records. The cost has already hit a record since 2011. According to The Food and Agriculture Organization (FAO), the grain price index is 141.5 points. This is 3.1% higher than in October 2021. In addition, this figure is 23.2% higher compared to November 2020.

Wheat prices have been growing for 5 months in a row. This growth is driven by strong demand for grain, but the supply of high quality wheat is limited this season. The rise in prices is due to concerns about the quality of the crop in Australia. Untimely precipitation is expected, which could reduce quality. In addition, new sanctions against Russia are also possible, which may make it impossible to import grain from this country.

For other crops, prices for barley and corn have increased. In the case of corn, the price increase was modest as large exporters (Argentina, Brazil and Ukraine) entered the market. World rice prices have remained stable.