Facing a Wheat Crisis, Countries Race to Remake an Entire Market on the Fly

Less than a month into the war in Ukraine, Augusto Bassanini, chief executive officer of United Grain Corp., received an unusual signal from the global wheat market.

Washington-based grain exporter owned by Japanese trading company Mitsui & Co., typically ships its products across the Pacific Ocean to Asia. However, in March, an Egyptian importer who had not done business with United for two decades ordered 60,000 tonnes of wheat to be shipped from the Port of Vancouver in Washington via the Panama Canal and across the Atlantic Ocean – further thousand miles from Egypt. the main grain suppliers, Ukraine and Russia, and at a much higher cost.

https://www.wsj.com/articles/ukraine-war-wheat-shortfalls-high-prices-11651503940 Facing a Wheat Crisis, Countries Race to Remake an Entire Market on the Fly

Alley Einstein

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