Wheat Prices Rise to 14-Year High After Invasion of Ukraine

Wednesday, March 2, 2022 | Tag Cloud Tags: , , , , , , , ,

(Worthy News) – Wheat prices have soared past $10 per barrel, the highest price since 2008 for the staple grain, as a result of ’s invasion of .

The cost of wheat futures on the Chicago Board of rose by 5.4 percent to a total of $9.84 per bushel, reaching the limit for single-day price variation on this exchange before trading officially opened. On other exchanges, prices were allowed to surpass $10 per bushel, such as on the Benchmark Chicago, which saw wheat prices rise to $10.03 per bushel.

The immediate cause of this price surge is the ongoing Russian invasion of Ukraine, which has had economic ramifications throughout the global . On Monday, the Ukrainian government confirmed that the country’s ports would be closed for the duration of the invasion, effectively halting Ukrainian exports until the conflict is brought to a resolution. [ Source: NTD (Read More…) ]

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