The latest news shows, as the global grain trading reference benchmark of Chicago wheat futures prices again appeared to rise.
And in Russia, although the country's wheat export offer has now fallen to near $390, traders said that most banks refused to transfer money, which makes payment from abroad some difficulties.
The Black Sea region's grain export disruptions have hit hardest some of the countries that rely heavily on the region's food imports.
The current round of wheat price hikes comes at a time when Turkey's State Grain Administration is seeking to purchase 455,000 tons of milling wheat through a tender.
Additionally, there is still no good news on Lebanon's search for wheat import substitution.
It has been reported that currency devaluation has led to a 90% depreciation of the Lebanese pound and a 628% increase in food prices over the past two years, and that the country has already seen a food rush during a wave of international food price hikes in 2021.
And according to the latest reports, the country's current wheat stockpile lasts only a month, and the country has banned all food exports.
In Egypt, flour prices have risen 22 percent in less than a month, with the latest price reaching $4,200 per ton.
Also, South Korea, on the far west coast of the Pacific Ocean, has recently experienced hoarding of food.
It is reported that with the diversification of food, the consumption of South Korea's noodle products has been growing rapidly in recent years, but the country's self-sufficiency rate of both wheat and corn is less than 1%, and it can be said to be almost completely dependent on imports.
Some restaurants in South Korea have begun stocking up on flour as international wheat prices continue to rise.
The latest news shows that South Korea has bought another 45,000 tons of U.S. wheat, 60,000 tons of U.S. corn and 27,000 tons of Vietnamese rice in recent times, of which U.S. corn was purchased for as much as 426 U.S. dollars.
The good news is that, at present, with the rapid surge in international food prices, on the one hand, Russia and Ukraine are still actively seeking export channels, on the other hand, is that a number of other food-exporting countries are also increasing exports, a variety of alternatives to frequent transactions.
It is reported that Argentina will 2022-2023 wheat export quota increased to 10 million tons, and has re-opened the soybean oil and soybean meal exports; Thailand's rice exports this year is expected to exceed the original target of 7 million tons; Vietnam and Sierra Leone signed a three-year, a total of 3 million tons of rice export contract memorandum of understanding.
The U.S. Department of Agriculture, in its March supply and demand report, projected a combined 7 million-million-ton reduction in Russian and Ukrainian wheat exports, while raising expectations for Australian and Indian wheat exports by a combined 3.5 million tons.
The Philippines bought an unspecified amount of Australian and Indian feed wheat through an international tender just last week.
But the global feed grain supply market remains tight.
Ukraine is said to be the world's leading corn exporter, accounting for 17 percent of global corn exports.
With the disruption of Ukrainian corn exports, the U.S. has become the only major corn exporter at the moment, as South American corn won't begin to hit the market until two to three months from now.
Ukraine could have exported about 20 million tons of corn and wheat for the rest of the year, based on normal-year export estimates.
From the point of view of China's supply situation, the relevant parties in the country are now actively adjusting the domestic planting structure on the one hand, to increase the area planted with soybeans and corn, on the other hand, through the issuance of relevant subsidies, to reduce the negative impact of the rising price of fertilizers on the planting industry.
And in the international market, increasing purchasing power is still a direct means to ensure adequate short-term supply.
Data showed that for the week ending March 10, 2022, China purchased about 480,000 tons of corn, 320,000 tons of sorghum and 800,000 tons of soybeans from the United States.
Customs data also showed that in the first two months of this year, China's soybean imports increased by 4% year-on-year, but the spot price of soybean meal in many places one after another to break through the 5,000 yuan per ton mark, and led to a series of feed price increases.
Otherwise, due to the new crown epidemic prevention and control needs, China has suspended imports of seven commodities, including rice, seafood, etc., through the Golden Triangle port of the China-Myanmar border trade.