It was reported that the rise in food prices threatened countries worldwide last year. The war between Russia and Ukraine combined with bad weather in areas that are desirable for food production worsened the situation. These factors contributed to the increase in wheat prices, which became the driving factor for inflation in many countries. Lately, the market pressure has finally been eased. The U.S. Department of Agriculture expects Australia’s wheat production to reach a record high of 36.6 million metric tons in the fiscal year 2022-23. Most of Australia’s wheat is sold in Asia, and the additional supply from Australia has helped bring down wheat prices. Wheat futures in Chicago have returned to their levels before the Russian-Ukrainian war took place which cut off supply, hovering at a low of $7 a bushel and near a 15-month low. According to the report, the Food and Agriculture Organization of the United Nations cereal price index also fell for the second consecutive month, averaging 147.3 in December, down 15% from its peak in May 2022. Since some Australian wheat is used as animal feed, this may also ease the price of some meat products.
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