Before Putin's invasion, Ukraine was a major exporter of wheat, a prime component of saltines Wheat availability internationally is down by 25%.
MARCH 24, 2022, 1:37 PM
"Russia’s invasion of Ukraine threatens to spark a global food crisis, as simultaneous disruptions to harvests and global fertilizer production are driving up food prices and sending economic shock waves throughout the world." Foreign Policy.com
We are not experiencing the severe shortages as are many countries, especially in Africa. But shortages create competition for our wheat. Competition drives prices up. Cereal prices are up 17% this week, due to this shortage.
"But hopes that the US agricultural export powerhouse will stop an emerging crisis in world wheat markets are likely to be misplaced, experts said. Most of this year’s American wheat crop is already planted, while soaring costs for fuel and fertiliser are blunting the economic incentives offered by Chicago wheat prices that this month reached $13.40 a bushel, an all-time high."--Financial Times, March 13, 2022
The saltines you are buying today were made with wheat planted last year. American Wheat production has been down for wo years because of the ongoing drought. Growers did plant 8% more on hopes that they have seen the end of the La Nina weather system.
"Wheat supplies will increase slightly thanks to the acreage increase last fall. Slight usage increases are forecast for livestock feed and export volumes. But the past two seasons of consecutive crop shortfalls will also keep a floor under wheat prices in 2023/24." Farm Progress Newsletter February 2023
I hope this answers your question.
