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FX.co ★ EU farmers against Ukrainian grain

EU farmers against Ukrainian grain

EU farmers against Ukrainian grain

The Wall Street Journal reported that farmers from EU countries urged their governments to curb imports of Ukrainian agricultural products into the region. According to the WSJ, farmers are protesting against a flood of cheaper Ukrainian wheat and corn amid the military conflict in eastern Europe. Considering the falling supplies, the EU government allowed Ukraine to export grain to the region. Notably, the officials removed tariffs and quotas for exports. These imports led to lower grain prices. Local farmers are starting to complain that Ukrainian products are staying in the EU. According to data provider Argus, Ukrainian wheat and corn were selling at around $272 and $251 per metric ton respectively. At the same time, wheat was selling for $324 and corn for about $307 in the EU. Earlier, several western countries’ leaders have already raised concerns about the upcoming food crisis. President of Serbia Aleksandar Vucic said that such a situation may cause supply chain disruptions all over the globe. He urged countries to prepare for them. The world is on the verge of a global “food war” following the energy crisis, the Serbian president pinpointed.

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