World could run out of wheat stocks ‘in 10 weeks’

UK: The world has just 10 weeks’ worth of wheat stockpiled after Russian President Vladimir Putin’s invasion of Ukraine disrupted supplies from the “breadbasket of Europe”.

The UN has been warned that global wheat inventories have fallen to their lowest level since 2008.

Official Government estimates put world wheat inventories at 33 per cent of annual consumption but stocks may have slumped to as low as 20 per cent, according to agricultural data firm Gro Intelligence. It estimates that there are only 10 weeks of global wheat supply left in stockpiles.

Russia and Ukraine account for around a quarter of the world’s wheat exports and the West fears Mr Putin is trying to weaponise food supplies.

Russia is on track for a strong wheat harvest this year, cementing Putin’s control over the staple grain as bad weather spoils production in Europe and the US.

Meanwhile, the Kremlin is tightening its grip on wheat supplies after a strong harvest.

In a report earlier this month, the US Department of Agriculture forecast a major decline in wheat stocks, saying they will drop 6 per cent to a nine-year low of 16.8 million tons by the end of 2022-23. – THE SYDNEY MORNING HERALD