Ukraine war may drive up wheat, flour prices in Singapore

ALTHOUGH Singapore does not import wheat or flour directly from the Black Sea region, the ongoing conflict between Russia and Ukraine is still expected to drive up already-increasing prices of wheat and flour in the city-state, industry watchers and players told The Business Times.

Oscar Tjakra, a senior analyst at Rabobank, noted that global wheat prices were already at a high from weather disruptions that have hit global wheat production in the last 2 years.

A Rabobank report from Feb 17, before Russia invaded Ukraine, forecast global wheat prices to rise by 30 per cent if war broke out and sanctions were implemented. This would hit domestic wheat and wheat flour importers, as well as bakeries, snacks and noodle producers here, he said.