Wheat Prices Soar as Russia-Ukraine Conflict Threatens Global Supplies

The price of wheat has surged to a three-year high in Chicago amid growing concerns over the war between Russia and Ukraine. The conflict is disrupting one of the world's most important breadbaskets, with Ukraine's deepwater ports blocked by Russian forces and Russia's port infrastructure subject to Ukrainian attacks.

Ukraine's ports handle about 90 per cent of the country's agricultural exports, which makes this a significant development for global wheat markets. The escalating war has caused prices to rise, and market observers are taking notice.