Kyiv: Though the war between Russia and Ukraine is hurting many sectors and people are worried over its bad impact on the global economy, but Indian farmers may get a profit from this conflict as the cost of wheat in the world has gone up because of this conflict. And Indian farmers could get a better price for their produce.

Russia's invasion of Ukraine has started to disrupt the world's wheat supply globally. The price of this essential crop is rising and it has already enhanced concern among the nations that are dependent on the import of wheat, especially the Middle East and North African countries.

According to food experts, Ukraine is considered the breadbasket of Europe and the effect of the invasion on this country is already visible. Many countries are likely to turn to India’s vast wheat stockpile, the world's second-largest, to fill a gap in Russian and Ukrainian imports.

Read: https://24x7liveindia.com/ukraines-foreign-minister-pleads-with-india-to-tell-russia-to-stop-the-war

As international prices climb, the Union government is in the process of asking its diplomatic posts overseas to facilitate the sale of the country's record domestic wheat stockpiles, according to an official with knowledge of the matter. Turkey, Western Europe, and the Philippines are among the major importers of wheat and corn from Russia and Ukraine.

Since Russia invaded Ukraine, global wheat prices have reached all-time highs. According to a letter from Commerzbank, the war has reduced global wheat shipments by 30%. Since Russia's actions in Ukraine began, the international Chicago benchmark for wheat has increased by 50 percent, with global prices reaching about $14 per bushel (approximately 30 kg).

Shipments of wheat to the EU will boost India's export revenues as well as farm income. More than 100 million tonnes of foodgrains are stored in state-owned granaries in India. In 2021-22, the country's agriculture output was expected to reach a record 316 million tonnes.