Now, why this is important outside both of those countries and outside Australia is that we had an event quite similar, but not identical to this, in 2008 when we had the current low level of world stocks of wheat. At that time, we had an overshoot in the price. At that time the overshoot in the price generated world food riots throughout the under-developed world. The riots were particularly bad in Egypt, Pakistan and in other developing countries.
This problem, I expect, is going to repeat itself over the coming months. The wheat price will overshoot, stay high and that could generate shock waves and food riots around the developing world.
It is not normal fundamentals that are driving these prices higher. It is war risk - the inability of ships to load cargos of either Russian oil, Russian wheat or Ukrainian wheat at north Black Sea ports. That problem will continue for as long as this war continues. This is a pretty good reason for Vladimir Putin to think about stopping this conflict as soon as he can.
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