The situation is more complicated as procuring wheat from Russia remains a challenge since banks are reluctant to open letters of credit for imports from the heavily sanctioned country.
Russia's withdrawal from a UN-brokered deal to export grains through the Black Sea deepened fears of worsening the situation in the wheat and wheat-based food products market. Although Moscow had stopped short of reimposing a blockade, the price of wheat in the international market has already registered an upward movement. Russia's U-turn has already pushed wheat prices up by