6 days ago

Wheat Hits Three-Year High as Russia Prepares to Escalate War

Wheat Hits Three-Year High as Russia Prepares to Escalate War · livemint.com

Wheat prices have risen to their highest level in three years.

This is happening because people worry that the war between Russia and Ukraine could become worse.

Fighting has already damaged ports and grain facilities.

That makes it harder to ship wheat from the region.

Russia and Ukraine provide more than one-quarter of the world's wheat exports.

Ukraine expects its farm exports to drop sharply, while Russia's August wheat shipments are also expected to fall.

Countries in Africa, Asia, and the Middle East may need to buy more expensive wheat from other places.

This could make food more expensive for people around the world.

Key facts

Chicago wheat increase: The price rose as much as 2.6% in the reported session.
Three-year milestone: Wheat reached its highest level since July 2023.
Monthly gain: Wheat prices have risen 19% this month.
Export share: Russia and Ukraine together account for more than a quarter of global wheat exports.
Ukraine exports: Ukraine's agricultural exports are expected to fall by more than half this season from previous estimates.
Russia shipments: Russia's wheat shipments are expected to decline by more than 50% in August from a year earlier.
Alternative suppliers: Importers are seeking supplies from Australia and Argentina, which are expected to cost more.

livemint.com · 6 days ago