Commodities
Russia-Ukraine War Drives Wheat Prices to 3-Year High
Buyers of wheat are bracing for higher costs as the Russia-Ukraine war continues to disrupt global supplies.
The conflict has brought cargo movements in the Black Sea region to a near standstill since July, with benchmark Chicago futures climbing 40% from June lows to a three-and-a-half-year high.
Top wheat importers in Asia, the Middle East, and Africa are finding it hard to secure supplies, with some turning to alternative exporters such as Argentina and Australia.
Prices of Black Sea wheat have surged by around 25% compared to pre-conflict levels, while Australian Premium White wheat is now trading at $345 per ton for October shipment.