Poor wheat harvest threatens global supply

China is facing a poor wheat harvest. The yield could be the „worst in history,“ Agriculture Minister Tang Renjian said on Saturday at the National People’s Congress. The statement raises concerns about global grain supplies. Russia and Ukraine are among the biggest exporters of wheat, corn and sunflower oil. If China now uses its great financial leverage to stock up on the world market, it could drive up prices. This will fuel inflation in wealthy countries and pose genuine supply problems for poorer countries.