After unfavorable weather conditions in Russia and Europe unexpectedly boosted prices by 30% since April, wheat buyers from Asia, Africa and the Middle East have been caught off guard with a relatively low supply.

Wheat buyers from Asia, Africa, and the Middle East account for two-thirds of global imports of this staple commodity. Analysts and traders said that importers who purchased cargo one or two months in advance, instead of the usual four to six months, because they expected the supply to remain plentiful, will now have to buy grain at higher prices, which will be passed on to consumers. According to Ole Houe, director of advisory services at Australian agricultural brokerage firm IKON Commodities, “nobody saw this rise in wheat prices coming.” The increase in the cost of wheat is expected to lead to higher prices of bread, noodles and pasta for consumers in importing countries