Russia suspends grain exports, driving up grain and meat prices in Asia

The Asia-Pacific region could face rising grain and meat prices after Russia announced it would no longer participate in Ukrainian grain exports under the U.N.-led Black Sea Grains Initiative.

Last weekend, Russia indefinitely suspended participation in the grain export agreement with Ukraine. Since the safety of civilian ships sailing under the agreement. After the attack on the Russian fleet in the Black Sea can not be guaranteed, the Russians assumed that the Ukrainian side is responsible.

The Singapore-based think tank RSIS says meat production and consumption are important in the Asian region and in many Asian countries, and grains such as wheat, corn and soybeans are essential for livestock production of beef, pork, poultry and fish.

Major Black Sea exporters Russia and Ukraine account for about one-third of world wheat exports, about 15% of world corn exports, and about 2.1% of world soybean exports.

In addition to rising energy costs and inflation, Asian consumers could face further increases in food prices, including meat.

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