Russia Ukraine Crisis: Not only crude oil, soyabean, wheat and corn also have a strong storm

Russia Ukraine Crisis: Not only crude oil, soyabean, wheat and corn also have a strong storm

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new Delhi. Russia Ukraine Crisis: The announcement-e-war against Ukraine by Russia has not only increased the prices of Crude Oil and Gold, but also there has been a huge jump in the prices of Wheat, Soyabean and Maize. Russia is a big producer of wheat and now due to the war, there has been a jump in the wheat prices in the international market due to the effect on the supply of wheat all over the world.

Similarly, there has been a huge increase in the prices of soybean and maize. No one has any idea what form this war between Russia and Ukraine will take next. That is why while investors are exiting equities and buying gold due to safe haven assets, the demand for food items has also increased.

Also read: Russia-Ukraine War: Know how much the ‘fire’ in crude oil will scorch India

Russia and Ukraine are the world’s biggest wheat exporters

Wheat is the second largest grain produced in the world after maize. Both Russia and Ukraine are at the fore in the production of this grain. Russia exports more than 18% of wheat. Ukraine is in 5th place in this regard. Only these two countries export 25.4% of wheat worldwide. In 2019, Russia exported wheat worth 60.64 thousand crores worldwide. At the same time, Ukraine has exported wheat worth Rs 23.16 thousand crore to other countries in 2019.

Agro commodity boom

The war started between Ukraine and Russia has affected many commodities. The price of rubber has gone to a high of 38 weeks. At the same time, there has been a big jump in soybean prices and they are trading at their highest level of one and a half years. There has been a huge jump in the prices of wheat and it is selling at the highest level of 9 years. There is also a bullish environment in another agro commodity maize (Corn Rate) and the prices have reached a high level of 33 weeks.

Record rise in nickel and aluminum also

There has also been a huge jump in platinum rates. At present, its rate is being said at 14 weeks high at $ 1100 per ton. Palladium Rate is at a 24-week high and is trading at $2400 oz. The rates of aluminum are also now at a record level, so the prices of nickel are at their 10-year high.

Also read: Russia Ukraine War: Investors lost Rs 10 lakh crore, 9 out of 10 shares bled

Gold at 13-month high

The luster of gold has increased. Due to increase in geopolitical risk, gold on MCX has gained 2.15 percent to reach Rs 51750 per 10 grams. In today’s trade, gold has gained about Rs 1300. At the same time, in the international market too, gold has reached the price of $ 1950 per ounce. Experts say that the outlook for gold in the near term is very strong due to increasing geopolitical risk. Gold can touch the price of Rs 53000 per 10 grams in the short term itself. At the same time, crude prices are on fire and have reached a seven-year high.

Tags: gold rate, Russia, Ukraine, Wheat

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