Usually, EU produces a lot of wheat. But they sell that wheat to many places in relatively small quantities to make money. They buy a lot of wheat from Russia in large quantities so their price is better for the wheat they eat, while their profits are high for the wheat they sell, due to the scale of what they buy vs the scales of what they sell. Now, with the wheat being cut off from them, they have to eat their own supply & cannot get cheap wheat. They cannot make their wheat windfalls & have to eat their money, basically. They are probably scared to death right now.
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