Oil, gold and wheat skyrocketing: the consequences of the war on imports and exports
Brent at almost $ 140 a barrel. Ukraine blocks grain exports. Coldiretti: "Heavy repercussions on Italy"
Oil, gold and even grain prices skyrocket due to the war in Ukraine.
The price of a barrel of Brent touched $ 140 on Sunday, close to the all-time high of $ 147.50 achieved in 2008. Shortly after the opening of electronic trading, the index jumped to $ 139.13, before falling. to $ 130.45, an increase of 10.44%.
Gold, a traditional safe-haven asset, also “flies”, reaching a breakthrough of $ 2,000 an ounce (+ 1.85%), approaching the highs of the last two years.
But the Russian invasion is also causing an uncontrolled increase in the prices of raw materials, especially cereals, given that both Russia and Ukraine are among the largest exporters. Together, in fact, they represent 29% of world exports of wheat and 19% of that of corn. And right now, due to the conflict, Ukraine has suspended exports of some products due to the growing risk of food shortages.
In particular, exports of "meat, rye, oats, buckwheat, sugar, millet and salt" were suspended. At the same time, exports of wheat, maize, poultry, eggs and oil will only be allowed with the permission of the Ministry of Economy.
The increase in the prices of wheat and corn - Coldiretti warns - risks having serious consequences also on Italy, which imports 64% of its needs of wheat and 53% of corn.
(Unioneonline / lf)
