Wheat Price in Quito

Notable price events

• ⚑2007-08 global food price crisis — Drought in major exporting countries, combined with several governments restricting exports to protect domestic supply and growing demand for biofuel crops, pushed wheat, rice and corn to what were then record prices within about a year - triggering food riots in over 30 countries.
• ⚑Russia's invasion of Ukraine — Russia's February 2022 invasion cut off two of the world's largest wheat and corn exporters and most of its sunflower oil supply almost overnight, while sanctions and blocked Black Sea shipping routes hit Russian fertilizer exports too - sending prices sharply higher within days across all four commodities at once, a rare case of one event moving so many markets simultaneously.
• ⚑Russia's 2010 drought and grain export ban — Russia's worst drought in decades destroyed about a fifth of its wheat fields. On 5 August 2010 the government announced a ban on grain exports from 15 August, later extended into mid-2011, and US wheat futures jumped almost $1 a bushel to near two-year highs on the news.