reported that commodities traded in global markets are usually denominated in US dollars, which rose 18% against a basket of currencies this year. At the same time, due to the escalation of conflict between Russia and Ukraine and the uncertainty of transportation channels in the Black Sea Black Sea region, agricultural product prices have risen.
In order to alleviate the global food crisis, in July this year, under the coordination of United Nations and Turkey , Russia and Ukraine reached an agreement to open up a food export security channel in the Black Sea. Nowadays, there are growing concerns about whether the agreement, which will expire at the end of November, will be extended. Sanfelliu said the question of how much food can be exported in the Black Sea region will have an impact in the short term, but fundamentally speaking, the current market has changed. "If the export agreement cannot be extended, I don't think there will be another grain price high, or see a price of $13.50 per bushel (1 bushel is about 27.216 kg) of wheat." Sanfeliu estimates that although the low water level of the Mississippi River improved, this situation will still lead to a 20% to 30% reduction in US food exports in October. As the main transportation channel for American agricultural products, the low water level of the Mississippi River exacerbates the dilemma of U.S. food exports.
