Russia-Ukraine War Sends US Wheat Prices Soaring Amid Disrupted Grain Exports

The ongoing Russia-Ukraine war has caused wheat prices in the U.S. to surge due to disrupted grain exports from Ukraine, according to Tim Lilja, an analyst with Progressive Ag at Fargo, N.D.

As fall approaches, Russia and Ukraine have launched a series of missile and drone strikes against each other's ports, particularly those for grain export. This has severely impacted Russian grain exports through the Black Sea, with Novorossiysk port disabled for at least four months.

Lilja noted that wheat prices in Ukraine and Russia have dropped to levels where farmers are considering seeding less winter wheat due to dry conditions in Ukraine, which will also spur them to shift to other winter crops.