Global prices for cereal crops are still at their highest levels in 10 years, said Filippo Schiavone, a spokesman for the leadership of the Italian Association of Agricultural Producers Confagricoltura.
He emphasized that at the beginning of the year, wheat prices fell slightly after reaching their peaks in September and October, and then, due to the situation in Ukraine, there was a new jump and now agricultural markets are in a state of tension.
Schiavon noted that the increase in wheat and corn prices is related to the volume of grain exports from Russia and Ukraine, which account for more than a third of the world’s grain exports.
According to him, the markets will continue to experience pressure, but it can be reduced due to supplies, for example, from Canada and the United States. However, keep in mind that last year Canada exported 50 percent fewer beans due to drought, Schiavone said.
According to the representative of Confagricoltura, the production of wheat in Italy, as well as fruits and vegetables, will decline by the end of this year – and this will be affected by the increase in fertilizer production costs and fuel prices due to the situation. in Ukraine.