BREAKING Israeli military says it has carried out a 'targeted strike' in Beirut
The Israeli military said it carried out a 'targeted strike' in the Lebanese capital Beirut on Friday.
The Russian invasion of Ukraine is driving up global wheat prices as the conflict curbs exports of the crop, triggering shortages and setting the stage for worsening food inflation in Canada.
Canadian wheat producers have warned that the situation will make it extremely difficult for Ukrainian farmers to get their seeds in the ground.
The impending shortages could send retail prices of food like bread and pasta ballooning in Canada, while jeopardizing food security in other countries.
Chicago benchmark wheat prices have soared more than 50 per cent since the invasion began. The price of a bushel of wheat hit $12.94 on Monday, up from about $7.58 at the start of the year.
Prices of the food staple are expected to continue climbing as the Russian attack risks disrupting the farming season in Ukraine, one of the largest wheat exporters in the world.
"We rely heavily on Ukraine and Russia to feed the rest of the world, particularly when it comes to wheat," said Dalhousie University professor of food distribution and policy Sylvain Charlebois.
"Nobody's immune to what's going on in Ukraine ... Higher wheat prices could eventually impact retail prices in Canada."
Those increases would be stacked on top of staggering inflation at the grocery store so far this year amid rising labour and input costs.
Statistics Canada reported last month that bakery product prices rose 7.4 per cent in January compared with a year ago, for example, outpacing the food inflation rate of 6.5 per cent.
The agency said higher bakery costs were due to unfavourable growing conditions, in addition to supply chain disruptions. Experts say there's also been consolidation in the bakery market in Canada in recent months, reducing competition.
Still, it could be months before escalating wheat prices hit the bread aisle.
"Wheat futures have gone up significantly but it will take time to ripple through the supply chain and impact consumers," said Stuart Smyth, associate professor in the Department of Agricultural and Resource Economics with the University of Saskatchewan.
"The way a futures price works is it looks at a delivery price down the road," he said. "It's indicating to the market where it sees the potential actual price going but it's still fluid."
The rise in wheat prices appears to be a potential boon for Canadian farmers. Yet agriculture observers say a drought across the Prairies last year curtailed crop yields, leaving farmers with little to sell amid surging prices.
"It's helping farmers who have grain," said Cameron Goff, a farmer near Hanley, Sask. He recently sold wheat at $12.45 a bushel -- almost double the price last year.
"That's a big jump in a short period," Goff said. "The trouble is there isn't much grain to sell this late in the season, especially after the growing season we had. Most people have already sold the bulk of their product, so they can't take advantage of that."
For the coming season, the conflict in eastern Europe is also threatening the supply of fertilizer, a key input for wheat crops.
"Ukraine is a major place for fertilizer production, particularly potash," said Simon Somogyi, University of Guelph professor and Arrell Chair in the Business of Food.
"Fertilizer prices are already very high, so depending on how long this conflict lasts we could see prices increase even more."
It's not just bread products that could see price hikes amid higher wheat costs. The vital grain also goes into cattle feed -- a key input cost in dairy and meat production, Somogyi said.
"Feed prices will be going up and that can impact the price of meat and particularly the price of dairy," he said, noting that dairy costs are already up more than eight per cent this year.
Still, while Canada faces the threat of sustained inflation, other countries could face food security issues.
Prime Minister Justin Trudeau said Monday the "ripple effects"' of Russia's invasion in Ukraine include major disruptions to the United Nations Food program, which helps prevent hunger around the world
This report by The Canadian Press was first published March 8, 2022
Are you in Ukraine? Do you have family in Ukraine? Are you or your family affected? Email dotcom@bellmedia.ca.
The Israeli military said it carried out a 'targeted strike' in the Lebanese capital Beirut on Friday.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Following the MIND diet for 10 years produced a small but significant decrease in the risk of developing thinking, concentration and memory problems, a new study found.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
Lawyers representing dozens of women who say they were raped and sexually abused by Mohamed Al Fayed, the former boss of the famous London department store Harrods, said the case was akin to the crimes of sex offenders Jimmy Savile, Jeffrey Epstein and Harvey Weinstein.
Software company Mustimuhw Information, which develops medical records systems built on a foundation of Indigenous traditions and values, is allowing health providers to capture data informed by cultural practices.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.
David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.
Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.