South African wheat prices have tracked global increases but have not risen at the same extremes.
While wheat prices have retreated from record levels, they are still much higher than they were in 2021.Global wheat prices have increased amid concerns of supply shortages brought on by the conflict between Russia and Ukraine. But domestic wheat prices - while they have lifted - have not done so to the same extent.
Earlier this year, wheat prices skyrocketed to record high levels internationally, to levels last seen in the 2008 global financial crisis fetching $13.63 per bushel. Theyto just over $10 per bushel but are still more than 70% higher than a year ago. Wheat prices were trading at $7 to $8 per bushel in the last quarter of 2021.
Other grains and oilseed prices have also increased. Ukraine and Russia both are significant exporters of sunflower oil."For other oilseeds, such as soybeans, significant increases were also realised as the threat of global oilseed shortages pulled prices upwards," said Heleen Viljoen, intern economist at GrainSA.Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
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