The conflict in Ukraine will soon turn into a food shortage

The escalation of the situation in Ukraine will inevitably hit the supply chains of agricultural products in Europe, and the consequences will show themselves in a few months, said a group of agricultural experts interviewed by CNBC on February 23.

“Despite the fact that the harvest is still months away, the protracted conflict will lead to a shortage of bread and rising consumer prices this fall,” Alan Holland, CEO and founder of sourcing technology company Keelvar, told the agency.

It's not just the European Union that will be affected - many countries in the Middle East and Africa also rely on Ukrainian wheat and corn, and supply disruptions could affect food security in those regions, said Don Tiura, president of Sourcing Industry Group.

“China is also a big recipient of Ukrainian corn — in fact, Ukraine has replaced the US as China’s main corn supplier in 2021,” she said.

Ukraine has steadily increased its exports over the years and is now a "huge supplier" of raw materials, chemicals and even machinery, as well as minerals, Tiura said.

CNBC notes that disruptions in supplies from Ukraine are not the only problem. The situation may worsen if the supply of a wide range of goods, such as agricultural products and metals from RUSSIA, is limited.