Russia-Ukraine Conflict Drives Wheat Prices to Three-Year High

The price of wheat has surged to a three-year high due to concerns that Russia will escalate its attacks against Ukraine, threatening exports from the breadbasket of Europe.

Russia's sustained attacks on Ukrainian infrastructure have caused significant damage to ports and grain storage facilities since the war began in 2022.

The country's agriculture ministry expects wheat shipments from Russia to fall by more than 50% in August compared to the same month last year, while Ukraine's agriculture exports are forecast to decline by over half.