Reduced supplies of wheat and sunflower oil are likely to result in higher costs for American consumers.
"The expectation is that those Ukranian crops won't get planted this year and that the Russian crops will be embargoed, and so a lot of parts of the world will be in need of imports. And so there will be a mad scramble for the excess," Laura Reiley, a reporter at the Washington Post, told CBS News Mornings.
"We're already starting from a position of very high prices — we all know that from the grocery store," Reiley said. Consumers should expect price hikes"pretty much instantly because of the interconnectedness of some of these markets," Reiley said.American farmers also could see their costs rise because of war in Ukraine. The cost of fertilizer, which is already elevated, is expected to increase because of the rising cost of natural gas, a key component in the process to make nitrogen-based fertilizer.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nick Cave Cancels Russia/Ukraine Tour Dates, Praises 'Brave People of Ukraine'“Ukraine, we stand with you, and with all those in Russia who oppose this brutal act,” artist says
Read more »
Russia attacks Ukraine: UN votes to condemn Russian aggression against Ukraine (live updates)Follow along for the latest on the U.S. response to tensions between Russia and Ukraine.
Read more »
Russia attacks Ukraine: Number of refugees from Ukraine top 1 million (live updates)Heartbreaking Update: Ukraine refugee total reaches 1 million as the Russian war continues
Read more »
Russia-Ukraine live updates: Ukraine refugees reach 1 million in 7 daysThe U.N. refugee agency says 1 million people have fled Ukraine since Russia's invasion less than a week ago.
Read more »