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<ul class="summary-list"><li>Wheat prices have surged over the past month, climbing to their highest level since August.</li><li>Global geopolitical conflict and extreme weather have impacted supply.</li></ul>Wheat prices have soared to their highest level in eight months thanks to a series of disruptions stemming from geopolitical conflict and extreme weather events.Chicago SRW wheat futures continued to surge throughout April, rising 15% in just the last month to trade at the highest level since August, according to Bloomberg data. Stockpiles of wheat have been drawn lower largely due to weather events and geopolitical disruptions. That includes excess rain in Europe and dry soil in Ukraine, Russia, Australia, and the US, all major wheat exporters. Bloomberg notes that strong harvests of the grain among countries on the Black Sea have helped keep prices lower, but futures markets are pricing in expectations for supply pressures to soon send prices up again. In addition to weather events, Russia's war with Ukraine has also driven prices higher. Russia has <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-russia-ukraine-attack-grain-black-sea-odesa-putin-2023-7">attacked key grain hubs in Ukraine</a>, which caused wheat prices to skyrocket in 2023. Ukraine's workforce has also been depleted by its need for soldiers to fight back against Russia's invasion. Higher wheat prices could stoke inflation, which has clocked in hotter-than-expected in the US for the last three months. Consumer prices grew <a href="https://www.businessinsider.com/inflation-cpi-food-energy-gas-prices-consumer-price-index-2024-4">3.5% year-over-year in March</a>, with food prices surging 2.2%.

Wheat prices have surged to 8-month highs amid global conflict and extreme weather

<ul class="summary-list"><li>Putin has been pledging that his country can focus on both "guns and butter" as it fights in Ukraine.</li><li>Yet it's precisely butter that's been a headache for Russia, with a 25.7% price increase this year.</li></ul>A year into his war on Ukraine, Russian leader Vladimir Putin told his country that its new focus on weapons production wouldn't tank its economy."There is a well-known phrase: guns instead of butter," Putin said <a target="_blank" class="" href="https://www.rbc.ru/economics/21/02/2023/63f496049a79475942fefc7d">last February.</a>"The country's defense is, of course, the most important priority, but, in solving strategic tasks in this area, we must not repeat the mistakes of the past, we must not destroy our own economy," he said, citing <a target="_blank" class="" href="https://www.businessinsider.com/100-million-tons-russian-wheat-piling-up-food-crisis-2022-9">burgeoning wheat production</a> at the time.<a target="_blank" class="" href="https://tass.ru/armiya-i-opk/20806247">In May, Putin once again ordered his government</a> to continue aiming for that goal, telling officials to focus on both "guns and butter" — rejecting the adage that countries have to choose between military and civilian spending.Yet as the war grinds on, the last few months have been especially rough on Russian consumers. Inflation rates in August and September climbed to their highest since early 2023, when Putin first made his speech propping up the civilian economy.By the end of October, the price of butter in Russia was up 25.7% compared to December 2023, per <a target="_blank" class="" href="https://rosstat.gov.ru/storage/mediabank/170_30-10-2024.html">government statistics.</a>Not all grocery or dairy prices are running up at such a rate. The next-largest increase involved lamb, which rose 21.48%, while milk rose 12.75% in the same period.<h2 id="e989b31e-8dfe-4e0e-810d-655ddb2dfddd">'Armageddon with butter'</h2>Still, the overall trend has raised fears of a return in Russia to 2022's surging inflation rates or the <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">possibility of a recession.</a>"What is especially frightening is the fact that the acceleration is associated with a unanimous increase in prices across the entire basket. Of the 107 items included in the weekly basket, 84 went up in price," wrote economists on the MMI Telegram channel, a <a target="_blank" class="" href="https://t.me/russianmacro/20015">Russian group that provides analysis on inflation.</a>As government statistics showed butter rising by up to 1.9% weekly in late October, the same channel warned of an <a target="_blank" class="" href="https://t.me/russianmacro/19984">"armageddon with butter"</a> and said Russia could see a repeat of its 40% <a target="_blank" class="" href="https://www.businessinsider.com/vladimir-putin-russia-economy-egg-price-crisis-soviet-union-ukraine-2024-1">egg price surge from November 2023.</a>The soaring prices made national headlines earlier this month when Russian media reported a series of butter-related supermarket thefts.The <a target="_blank" href="https://egpetqycqyosvurg.1tw.live/news/2024/10/29/v-moskve-soversheno-razboynoe-napadenie-na-pyaterochku-pohischeny-25-pachek-slivochnogo-masla">independent outlet Meduza</a> reported that one robbery in Moscow involved 25 packs of butter stolen by two men.Even state media has addressed the issue, with the <a target="_blank" class="" href="https://rg.ru/2024/10/27/zhirnyj-minus.html">government-run Rossiyskaya Gazeta</a> writing that some stores were putting butter in protective boxes.Federal officials have since met with dairy producers in a bid to curb the cost hikes, though the local union's statement in late October promised only that it would <a target="_blank" href="https://www.souzmoloko.ru/news/news_6936.html">monitor prices weekly</a><a target="_blank" class="" href="https://www.souzmoloko.ru/news/news_6936.html">.</a><h2 id="28f27be9-d8d6-4027-9a56-9a381850752d">Why butter prices are on the rise</h2>A week before that meeting, the same union <a target="_blank" class="" href="https://www.souzmoloko.ru/news/news_6924.html">said</a> the country wasn't experiencing a butter shortage, but added that about 25% of local butter consumption comes from foreign suppliers.Much of those imports previously came from countries in Latin America, which dropped their butter shipments from <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/107343/">25,000 tons to 2,800 tons</a> yearly amid Western sanctions on Moscow.Another major dairy supplier complying with wartime sanctions, New Zealand, <a target="_blank" class="" href="https://www.mfat.govt.nz/assets/Trade-General/Trade-Market-reports/Potential-impacts-of-a-Russia-Ukraine-conflict-on-the-New-Zealand-economy.pdf">sold $88.8 million</a> worth of butter to Russia yearly before the invasion began.To fill the butter void, Moscow has since been turning to friendlier nations such as <a target="_blank" class="" href="https://tass.ru/ekonomika/22273391">Turkey</a> and the <a target="_blank" class="" href="https://www.reuters.com/markets/commodities/russia-turns-uae-turkey-butter-contain-soaring-prices-2024-11-02/">United Arab Emirates</a>, which previously only supplied about 90 tons yearly to Russia.The price turmoil continues to play out as Russia leans its economy further into weapons manufacturing to maintain the invasion of Ukraine, which has now increasingly turned into a <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-needs-to-stop-fighting-the-war-russia-wants-2024-6">grinding war of attrition</a> in manpower and equipment.Russia is expected to spend <a target="_blank" class="" href="https://www.businessinsider.com/russias-defense-sector-on-overdrive-but-firms-warn-of-collapse-2024-11">$140 billion on its defense industry in 2024</a>, up to $145 billion in 2025, or 6.3% of its GDP.That could spell even more bad news for Russian consumers, with economists expecting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-tax-hikes-putin-high-earners-corporations-ukraine-war-2024-3">further tax hikes</a> beyond the announced reforms for 2025 to keep up with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-businesses-taxes-discount-asset-sales-ukraine-war-2024-10">military spending.</a>

Putin said Russia wouldn't have to choose between guns or butter. The price of butter is soaring.

<ul><li>Food inflation was the major driver of June CPI which hit a three-month high.</li><li>Tomato price inflation was at 64%, onions at 8.1%, and potato at 10.5% on a sequential basis.</li><li>Retail prices of pulses reported double-digit growth for the third consecutive month.</li><li>On a sequential basis, wheat and rice inflation also picked pace in June. </li></ul>India’s <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword> is at a three-month high in June at 4.8%, but it may not have reached its peak yet. Many climate related factors have been playing havoc with food inflation, and with most of North India under floods and this will only add to the pinch on the pocket, economists have warned. “Nine states had inflation above the average while six had above 5% — UP, Uttarakhand, Rajasthan, Kerala, Bihar and Haryana. The recent floods and landslides in the North will tend to push up inflation further in these states on the food side — especially vegetables and fruits which can add another 0.2% to headline inflation,” said Madan Sabnavis, chief economist at Bank of Baroda. Food inflation is a heavyweight in consumer price inflation (CPI), and drove it up in June, even as core inflation cooled as compared to the last month. “Food inflation was the major driver for higher headline inflation print; up by 218 basis points month-on-month versus 67 basis points in the last month due to a 12% hike in vegetables prices,” said a report by Phillip Capital. Price shock: Grains join tomatoes Vegetable prices however are on top of everyone’s minds, and it could get worse as prices of tomatoes refuse to inch down. In June, its prices went up by 64%. But other key vegetables like onion were high too at 8.1%, and potato at 10.5% – on a sequential basis. A report by SBI Ecowrap says that the past 10 years data shows that tomato price increase alone did not influence the overall CPI inflation much — except when it is accompanied by substantial increase in price of potato and onion. “We believe if tomato price increase without any substantial change in potato and onion then average inflation in Q2 FY24 will come near 5.8% yoy but if the TOP (tomato, onion, potato) inflation increases, then CPI might come around 6% yoy in Q2 FY24. Accordingly, average CPI for FY24 will vary between 5.2-5.4%,” says SBI Ecowrap. Grains are not too far behind either. Cereal and pulses inflation remained elevated in June at 12.7% y-o-y and 10.5% y-o-y, respectively. Retail prices of pulses, especially that of tur dal, have risen 24% y-o-y in June, reporting double-digit growth for the third consecutive month. Moreover, the<a href="https://www.businessinsider.in/india/news/india-sows-more-millets-and-less-rice-this-kharif-season/articleshow/101642365.cms"> sowing in rice and pulses is lower this Kharif season</a> due to delayed monsoons, and that doesn’t bode well for their prices which too are seeing upward pressure. “On a sequential basis, wheat and rice inflation also picked pace in June. Looking ahead, the sale of wheat and rice from the government’s buffer stock via Open Market Sale Scheme (OMSS) auctions could help cool retail prices of rice, wheat and atta. However, with regards to rice prices, deficient monsoons in West Bengal, a key rice-producing state, could impact sowing, putting upward pressure on prices,” said a report by CareEdge. Milk inflation moderated in June to 8.6% as compared to 8.9%. But it continues to remain sticky above 8%, reeling from the impact of a continued demand-supply mismatch and high fodder costs. “Milk prices could remain higher in the coming months, if unabating cereal inflation keeps cattle feed expensive,” CareEdge says. WPI is comforting, say experts RBI insisted in the last two monetary policy committee meeting updates that its decision to hold key interest rates is a pause not a pivot. Most experts had been hoping that it would go for rate cuts in the second half of the year, but the inflation picture is <a href="https://www.businessinsider.in/finance/news/with-inflation-cooling-rbi-may-slash-interest-rates-by-50-bps-this-financial-year/articleshow/100531780.cms">putting cold water on their hopes</a>. “While food prices will create inflationary pressures in the upcoming months due to uneven distribution of monsoon and lower kharif sowing, RBI stance would not be solely contingent on seasonal food inflation,” said Phillip Capital. Even at 4.8%, inflation is within the tolerance band of RBI, which is 4-6%. “The RBI will keep a keen eye here and it is almost given that nothing will change in the policy next month. More caution will be expressed on the inflation front,” said Sabnavis. CareEdge however says that wholesale price inflation (WPI) has been contracting and that is offering some comfort. India’s WPI has been in a deflationary zone for the second month in a row in May, as prices contracted by 3.48%. “Deflation in WPI will have a lagged impact on CPI inflation going forward. Having said that, RBI would remain cautious and adopt a wait and watch mode. We reaffirm our view that RBI would maintain an extended pause in 2023,” said CareEdge.

Inflation to inch higher still? Incessant rains will add to woes, warn economists

There is no denying the fact that <keyword id="12724312" type="General" weightage="20" keywordseo="quick-commerce" source="Orion">quick commerce</keyword> platforms like <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword> have made life easier for us all. Be it planning a last-minute party or restocking your kitchen with regular <keyword id="20191825" type="General" weightage="20" keywordseo="groceries" source="keywords">groceries</keyword>, you can get almost anything on these platforms within minutes. The three platforms offer similar items but there is a slight difference in prices. So, if you are a regular shopper from any of these platforms and use them for buying groceries, here is some news for you. We compared the prices of a few grocery items on all three platforms and found out which one is offering items for a relatively cheaper price. Curious to know more? Well, read on! <h2>The grocery list </h2> First thing’s first, here is the full list of items that were used to compare prices across all three platforms: 1.Onion – 1 kg 2.Tomato – 1 kg 3.Potato – 1 kg 4.Milk – 1 litre 5.Butter – 500 grams 6.Eggs – Pack of 10 7.Bread – 1 packet 8.Cheese slices – Pack of 10 9.Ghee – 1 litre 10.Whole-wheat flour – 5 kg Also, it is to be noted that the location where these items were beingordered from is Rohini, New Delhi at 7:00 pm on August 27. Hence, the price of the items might vary depending on the region that you are living in. <h2>Swiggy, Zepto or Blinkit: A price comparison </h2> Now, coming to comparing the final bill of all three platforms. In Swiggy Instamart, the final bill (with Swiggy One membership) amounted to Rs 1,761 whereas on Zepto, the amount turned out to be Rs 1748. Blinkit, turned out to be the cheapest choice with bill amounting to Rs 1,740. <div type="image" title="Zepto (1)" msid="112862904" hostid="261"></div> We found out that the price of veggies was very similar in all three platforms and milk and bread costs exactly the same in all scenarios. Overall, there is not a lot of difference in prices but Blinkit stands the cheapest option out of all three. <h2>Here is a detailed look at what costs what on the three platforms: </h2> <table style="border-collapse:collapse;border:none;mso-border-alt:solid windowtext .5pt; mso-yfti-tbllook:1184;mso-padding-alt:0cm 5.4pt 0cm 5.4pt" class="redcator-table-advance"> <tbody><tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> S.No </td> <td style="width:138.0pt;border:solid windowtext 1.0pt; border-left:none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Item name and quantity </td> <td style="width:90.15pt;border:solid windowtext 1.0pt; border-left:none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Zepto </td> <td style="width:104.95pt;border:solid windowtext 1.0pt; border-left:none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Swiggy Instamart </td> <td style="width:75.4pt;border:solid windowtext 1.0pt; border-left:none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt: solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Blinkit </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 1 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Onion – 1 kg </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 59 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 58 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 59 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 2 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Tomato – 1 kg </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 64 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 64 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 64 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 3 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Potato – 1 kg </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 46 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 46 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 45 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 4 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Milk – 1 litre </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 68 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 68 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 68 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 5 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Butter – 500 grams </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 262 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 285 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 285 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 6 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Eggs – Pack of 10 </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 114 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 107 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 107 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 7 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Bread – 1 packet </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 50 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 50 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 50 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 8 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Cheese slices – Pack of 10 </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 141 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 159 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 136 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 9 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Ghee – 1 litre </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 626 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 619 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 618 </td> </tr> <tr> <td style="width:42.3pt;border:solid windowtext 1.0pt; border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:solid windowtext .5pt; padding:0cm 5.4pt 0cm 5.4pt"> 10 </td> <td style="width:138.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Whole-wheat flour – 5 kg </td> <td style="width:90.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 308 </td> <td style="width:104.95pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 298 </td> <td style="width:75.4pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowtext .5pt; mso-border-alt:solid windowtext .5pt;padding:0cm 5.4pt 0cm 5.4pt"> Rs 287 </td> </tr> </tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> So, the next time you go grocery shopping on any of these platforms, you have an idea of how to plan things in a smarter way. Keep watching this space for more such stories.

Zepto, Swiggy Instamart, or Zomato's Blinkit: Which Quick commerce platform is offering cheapest grocery options right now

New Delhi, The Centre on Tuesday announced sale of an additional 20 lakh tonnes of wheat in the open market to further bring down the retail prices of wheat and wheat flour (atta) and asked flour millers to cut rates with softening in wholesale price of grain. On January 25, the Centre had announced sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check rise in prices of wheat and wheat flour (atta). According to an official statement, the government has decided that state-owned Food Corporation of India (FCI) will offload an additional quantity of 20 lakh tonnes of wheat in open market under the Open Market Sale Scheme (OMSS). The stocks will be sold through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products. The proposal to sell stocks in the open market was taken by a group of ministers, sources said. "So far, 50 lakh tonnes (30+20 lakh tonnes) of wheat have been decided to be offloaded under the OMSS. The reduction in reserve price along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and wheat products for consumers," the statement said. Union Food Secretary Sanjeev Chopra held a video conference meeting with Food Corporation of India (FCI) and the representatives of flour millers/associations/ federations/atta, suji product manufacturers on to review the lifting of stocks in the second round of e-auction held recently. Flour millers were advised to bring down the prices of atta and other products in line with the reduction in market prices of wheat, the statement said. After announcement of the OMSS policy, the food ministry said that prices of wheat and atta have come down but still inflation figure for January 2023 was at 3 months high of 6.52 per cent. As per the government data, the average prices of wheat across major cities stood at Rs 33.15 per kilogram on Monday, while the average prices of atta (wheat flour) stood at Rs 37.63 per kg. Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the OMSS. Out of the 30 lakh tonnes, the FCI is selling 25 lakh tonnes to bulk consumers like flour millers through e-auction and 2 lakh tonnes to states/Union Territories. Three lakh tonnes of wheat are being provided to institutions and state-PSUs at a concession for converting wheat into wheat flour. In the two rounds of e-auctions for bulk consumers, nearly 13 lakh tonnes wheat have been sold. FCI will offer 11.72 lakh tonnes of wheat during the third e-auction to be held on February 22. Last week, the ministry reduced reserve price of fair and average (FAQ) quality wheat to Rs 2,150 per quintal, while for Under Relaxed Specifications (URS) wheat to Rs 2,125 per quintal. These new reserve prices are applicable from the third sale of wheat through e-auction. Moreover, the rate of wheat has been reduced to Rs 21.50 per kg for sale to NCCF/NAFED/ Kendriya Bhandar/state government cooperatives/federations as well as community kitchen /charitable/NGO etc. for converting wheat into atta and then selling to consumers at Rs 27.50 per kg. To control price, the Centre had banned wheat exports in May last year. India's wheat production fell to 107.74 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few growing states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year. Wheat production is estimated to rise at 112.18 million tonnes in the current 2022-23 crop year on higher acreage and better yield. However, the rise in temperature during this month in key producing states has again become a concern for the farm scientist and policy makers. On Monday, the government formed a committee to monitor the situation arising out of any unusual rise in temperature and its impact on the wheat crop and issue necessary advisories to the farming community to save the crop. The move comes as some parts of the country have started witnessing above-normal temperatures. In the first week of February, the maximum temperature in major wheat growing areas, barring Madhya Pradesh, remained higher than the average of the last seven years, as per the National Crop Forecast Centre (NCFC).

Centre to sell 20 lakh tonnes of wheat in open market from buffer stock to cool prices of atta

New Delhi [India], April 25 (ANI): Constrained supplies of milk and wheat, coupled with a volatile international crude oil market with OPEC+ countries deciding to cut crude oil production from May 2023 are factors that may, going forward, influence the inflation outlook in India, Ministry of Finance's Monthly Economic Review report put out on Tuesday noted. Milk inflation in India has remained elevated for several months due to a growing supply-demand mismatch. Milk production has been impacted by a Lumpy Skin Disease (LSD) infecting millions of cattle in late 2022, its prices also rose because of high fodder and transportation costs. To meet the growing demand and considering the fact that the supply of milk in the ensuing summer season being a lean season may be less, the Ministry of Fisheries, Animal Husbandry and Dairying earlier this month said there were demands from several dairy cooperatives for the import of conserved dairy commodities - milk fat and powder. The ministry also added since the process of import takes time, the necessary back-end processes for need-based imports are being put in place to timely manage the situation in case of any eventuality. For wheat, there were reports from various key growing states that unseasonal rains have flattened standing crops in some regions. Wheat, a rabi crop was in an advanced maturing stage and was expected to hit mandis in a fortnight or so. "Although the second advance estimate has projected a record foodgrain production, the crop damage caused by unseasonal rains and hailstorms in some parts of the country since mid-March may constrain wheat production, besides perishable items such as fruits and vegetables," the Ministry of Finance's monthly report said. A survey conducted by Agri Watch, an Indian market information and analysis firm specialising in agricultural commodities, has estimated India's wheat production of 102.89 million tonnes in the 2022-23 crop season, reduced from 104.24 million tons (estimated in March 2023) due to unseasonal rains and hail storm faced by key wheat producing states towards the end of March. The estimates were based on the survey conducted in two phases across nine states- Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Punjab, Uttar Pradesh, and West Bengal. Notably, last year, too, the wheat crop was affected, not due to rains but heatwaves. That came on top of the conflict in Ukraine. Global <keyword id="3854307" type="General" weightage="20" keywordseo="wheat-prices" source="Orion">wheat prices</keyword> have shown substantial volatility in the past year as both the countries -- Ukraine and Russia -- are two major suppliers of wheat. Multiple rounds of heat waves in several wheat-growing regions in India before the rabi harvest last year affected crops. Wheat pods in the mature stage typically shrink if overexposed to heat. To manage the overall food security of the country as well as meet the needs of the neighbouring and other vulnerable countries amid the double whammy, India then amended the export policy of wheat by putting its export under the "prohibited" category, which is still in force. RBI has been engaged in necessary policy actions to counter inflationary pressures and support growth. The Reserve Bank of India, in its first monetary policy review meeting in 2023-24, decided to keep the key benchmark interest rate -- the repo rate -- unchanged at 6.5 per cent, to assess the effects of the policy rate tightening done so far on various macroeconomic parameters. Barring the recent pause, RBI has so far raised the repo rate, the rate at which it lends to banks, by 250 basis points cumulatively since May 2022 in the fight against inflation. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline and vice versa. The RBI sees retail inflation declining to 5.2 per cent in the full year of 2023-24, lower than the 5.5 per cent attained in 2021-22 -- which was mostly free of the impact of the Russia-Ukraine conflict. In India, headline consumer price index-based (CPI) inflation (or retail inflation) has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023. (ANI)

Constrained milk, wheat supplies amid volatile crude market raise inflation concern in India

<ul class="summary-list"><li>Pope Francis called on Russia to restore the Black Sea grain deal Sunday.</li><li>Moscow bailed on the UN-brokered agreement earlier this month, fueling fears of a global food crisis.</li></ul>Pope Francis called for Russia to rejoin the Black Sea grain initiative Sunday, with steadily rising wheat prices reigniting fears that the ongoing war in Ukraine will spark a global food security crisis.Moscow <a href="https://www.politico.eu/article/russia-ukraine-war-black-sea-grain-deal-food-export/" target="_blank" rel="noopener">bailed on the deal</a> earlier this month, then started <a href="https://www.reuters.com/world/europe/russia-warns-ships-black-sea-ukraine-create-temporary-grains-export-route-2023-07-19/" target="_blank" rel="noopener">bombing ports</a> and threatening to attack any ships headed for Ukrainian waters on the grounds they could be carrying weapons."I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely," Francis said during his weekly <a href="https://www.vaticannews.va/en/pope/news/2023-07/pope-at-angelus-seek-find-and-welcome-precious-love-of-god.html" target="_blank" rel="noopener">Angelus message</a>, delivered to Roman Catholics worldwide.Followers of the Pope should keep praying "for martyred Ukraine, where war is destroying everything, even grain," causing "the cry of millions of brothers and sisters who are suffering from hunger [to rise] up to the sky," Francis added.Benchmark wheat prices had their biggest one-day jump in over a decade the week Russia pulled out of the Black Sea grain deal, a United Nations-brokered agreement that had allowed Ukraine to export grains and oilseeds through a safe shipping corridor for the past year.They've since given up some of those gains but have still climbed nearly 5% over the past two weeks, data from the Chicago Board of Trade shows.Corn and soybean prices have also edged up since the Kremlin announced it would abandon the agreement.As well as Pope Francis, top policymakers from the UN and European Union have warned that Russia's latest <a href="https://www.businessinsider.com/war-in-ukraine-vladimir-putin-russia-black-sea-grain-initiative-2023-7">economic assault on the West</a> will make it much more expensive for poorer countries to import grain.UN Secretary-General António Guterres has said that the demise of the grain deal will <a href="https://news.un.org/en/story/2023/07/1138752" target="_blank" rel="noopener">end "a lifeline for global food security" and extinguish "a beacon of hope"</a>, while the EU's head of foreign policy Josep Borrell warned there could be a "<a href="https://www.reuters.com/world/europe/eus-borrell-russia-is-causing-global-food-crisis-with-grain-deal-withdrawal-2023-07-20/#:~:text=PARIS%2C%20July%2020%20(Reuters),exports%20through%20the%20Black%20Sea." target="_blank" rel="noopener">big and huge food crisis in the world</a>".

Even Pope Francis is calling on Russia to rejoin the Black Sea grain initiative as wheat prices spike

The hot temperature if persists in March may not only reduce the wheat crop yield but also heat up the commodity prices, said <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">CRISIL</keyword>. The rabi wheat crop yield will be impacted if the temperature is high in March. The crop yield will be on a par - or marginally lesser - than last year's low, said CRISIL in a report. According to the report, in <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, accounting for about 30 per cent of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s wheat production, the eastern part is expected to have relatively good yields on-year because of timely sowing after harvest of <keyword id="50318" type="General" weightage="50" keywordseo="kharif" source="Orion">Kharif</keyword> paddy. On the other hand, western Uttar Pradesh could see a marginal decline due to late sowing - majorly in the sugarcane belt - if high temperatures persist in March. In Punjab and Haryana (together accounting for about 25 per cent of India's wheat production), late-sown wheat is in the flowering stage, while the early sown lot is in the milking stage. High temperatures are detrimental to grain formation in both these stages, CRISIL said. Similarly, in <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword> (about 20 per cent of India's wheat production) late-sown wheat is at the milking stage. According to CRISIL, Bihar (about 5 per cent of India's wheat production) saw early sowing and the crop there is at the grain formation/maturation stage. Therefore, it could be impacted relatively less. Though such abiotic factors cannot be managed very effectively, farmers in Punjab, Haryana and western Uttar Pradesh are said to have initiated spraying of crop nutrients such as bio-stimulants and specialty fertilisers, which should help them cope with the heat wave to some extent. "While wheat prices have been on a downward trend in the past 20 days, if these high temperatures persist for the next 20 days, there could be a turnaround in prices," CRISIL said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indian-workers-with-digital-skills-contributing-508-billion-to-countrys-gdp/articleshow/98153304.cms">Indian workers with digital skills contributing $508 billion to country's GDP</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sell-off-by-fiis-does-not-impact-markets-retail-participation-is-more-important-says-sebi-executive-director/articleshow/98153452.cms">Sell off by FIIs does not impact markets; retail participation is more important, says SEBI executive director</a>

Hot temperature to heat up prices, reduce wheat yield: CRISIL

The government on Tuesday hiked the minimum support price for wheat by Rs 110 to Rs 2,125 per quintal and mustard by Rs 400 to Rs 5,450 per quintal for the current crop year with an aim to boost production and income of the farmers. The decision to increase the MSPs (minimum support prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (<keyword id="56977" type="General" weightage="80" keywordseo="ccea" source="Orion">CCEA</keyword>) chaired by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. <keyword id="133827" type="General" weightage="80" keywordseo="msp" source="Orion">MSP</keyword> is the rate at which the government buys grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both <keyword id="50318" type="General" weightage="80" keywordseo="kharif" source="Orion">Kharif</keyword> and rabi seasons. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops. Wheat and mustard are major rabi crops. According to an official release, the CCEA has approved an increase in MSPs for six rabi crops for the 2022-23 crop year (July-June) and the 2023-24 marketing season. <keyword id="625304" type="General" weightage="80" keywordseo="wheat-msp" source="Orion">Wheat MSP</keyword> has been increased by Rs 110 to Rs 2,125 per quintal for this crop year from Rs 2,015 per quintal in the 2021-22 crop year. The cost of production of wheat is estimated at Rs 1,065 per quintal, the release said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-22-paise-to-82-08/usd-tracking-positive-domestic-equities/articleshow/94935889.cms">Rupee rises 22 paise to 82.08/USD tracking positive domestic equities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/two-in-three-ceos-in-india-expect-a-recession-in-12-months-says-survey/articleshow/94934951.cms">Two in three CEOs in India expect a recession in 12 months says survey</a>

Government hikes the minimum support price of wheat and mustard

<ul class="summary-list"><li>Wheat prices on Wednesday were on track for their biggest one-day gain since February 2022.</li><li>On Tuesday, Russia launched missiles at the port of Odesa, one of Ukraine's key grain-exporting hubs.</li></ul>Wheat prices turned sharply higher Wednesday following Russia's attack in the port of Odesa and Moscow's decision to back out of a key trade agreement that had allowed Ukraine exports safe passage in the Black Sea.The missile bombardment targeted critical Ukrainian grain facilities, and wheat prices, while still below last year's record highs, are on pace for their steepest one-day gain since February 2022, when Vladimir Putin first ordered his "special military operation."In Chicago, soft-red winter wheat futures added about 8% to trade at $7.25 a bushel, while hard-red wheat jumped 5.2% to hit $8.70 a bushel.<a href="https://www.wsj.com/articles/russia-says-it-is-pulling-out-of-ukraine-grain-deal-68190d1" target="_blank" rel="noopener">The Wall Street Journal</a> reported earlier this week that the Kremlin will only rejoin the Black Sea export agreement if certain demands were met. Moscow had threatened to pull the plug on the deal multiple times before, but now wants the West to step in and facilitate food and fertilizer exports amid sanctions. The initial agreement, which Russia, Ukraine, and Turkey hammered out last July, permitted Ukrainian exporters to ship corn, wheat, and other goods from three ports around Odesa.Now, last year's fears are swirling once again that global food security could be at risk, as Ukraine boasts some of the most important trade routes in the world for wheat and other grains. The now-suspended deal allowed Ukraine to export more than 32 million tons of food.Ukrainian President Volodymyr Zelenskyy said Monday, per the Journal, that the nation was ready to uphold the deal as best as possible without Russia's participation. As for Russia, <a href="https://markets.businessinsider.com/news/currencies/russia-economy-putin-sanctions-markets-currency-labor-recession-emigration-2023-7">Putin has driven its economy into the ground</a> over the last 16 months. It's been barred from major trade partnerships, hamstrung by embargoes, and dethroned from its role as a top global energy exporter.Even as the Kremlin attempts to mask its economic troubles, a closer look under the hood suggests a crumbling empire. "Many people still don't realize how bad the situation in Russia might be," Volodymyr Lugovskyy, an economics professor at Indiana University, told Insider in a recent interview. "Russia might collapse into multiple pieces, like the Soviet Union, and that might not be a bad thing for the world."

Wheat prices head for biggest single-day gain since Russia invaded Ukraine after fresh attacks on key grain facilities

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> soared by as much as 5.2% on Monday against a backdrop of poor harvest forecasts and an India-Egypt trade deal.</li><li>Chicago wheat futures were last up 5.1% to $10.93 per bushel from their previous close of $10.45. </li></ul><keyword id="14129772" type="UNKNOWN" weightage="60" keywordseo="wheat-prices" source="Orion">Wheat prices</keyword> jumped by the most in almost a month on Monday, after India and Egypt considered a deal to swap grain for fertilizer and as the US government predicted a poor harvest that could put global supply under even more pressure.Chicago wheat futures rose by as much as <a href="https://uk.investing.com/commodities/us-wheat-news">5.4% to $10.95</a> per bushel, up from $10.45 at Friday's close. It was last trading up 5% at $10.92 by 09:40 a.m. ET. The <a href="https://www.ers.usda.gov/webdocs/outlooks/103927/whs-22e.pdf?v=4520.8">United States Department of Agriculture</a> (USDA) recently forecast wheat would reach $10.75 per bushel due to tight supply. The price of wheat has risen by 40% so far this year, down to a number of factors. The first is Russia's invasion of Ukraine in late February. Both are major producers of wheat and the conflict has disrupted both <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> of existing grain supplies as well as the planting of next year's harvest, meaning any shortfalls won't be limited to this year.Another is adverse weather conditions, which is making for dismal harvests in the United States, as well as India, where heatwaves have devastated crops. According to the USDA, US <keyword id="13948540" type="UNKNOWN" weightage="60" keywordseo="wheat-production" source="Orion">wheat production</keyword> is forecast to fall to 1.729 billion bushels this year, down 4% from the 5-year average of 1.806 billion bushels. "For 2022/23, slightly larger production is projected compared to the previous year but this would still be the second lowest in the last 20 years based on pervasive drought in major hard red winter growing areas," the USDA said in its May 2022 outlook. A tightened global wheat supply was only exacerbated by <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">India's banning of grain exports</a> to protect its own food security after a heatwave dramatically impacted domestic crop production. Russia's invasion of Ukraine also caused a <a href="https://www.businessinsider.com/millions-tons-grain-blocked-ukraines-ports-2022-5?r=US&amp;IR=T">blockage of nearly 4.5 million tons</a> of wheat at Ukraine ports adding to a grain shortage and surge in its prices.Soaring wheat prices also come on the back of a potential <a href="https://markets.businessinsider.com/news/commodities/india-egypt-talks-wheat-fertilizer-goods-swap-russia-food-shortage-2022-6">wheat-for-fertilizer trade deal</a> to ease mounting food supply shortages between India and Egypt. Under the terms of a potential agreement, India would export wheat to Egypt and would get fertilizer and other products in return, Egyptian Supply Minister Aly El-Moselhy told <a href="https://www.bloomberg.com/news/articles/2022-06-03/egypt-says-it-s-in-talks-with-india-on-a-wheat-for-goods-deal?srnd=markets-vp" target="_blank" rel="nofollow noopener">Bloomberg</a>.The trade deal would see 500,000 tons of wheat shipped to Egypt from India, which typically does not export much production, despite being one of the world's biggest growers. Other commodities from <a href="https://markets.businessinsider.com/news/commodities/food-export-bans-inflation-wheat-oil-palm-beef-2022-5#maize-7">beef to palm oil</a> have faced inflationary pressures as a result of export bans triggered by poor harvests and disruption from Russia's war in Ukraine. Industry experts told Insider to brace for a potential impact in the corn market.

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