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 Russia’s invasion of Ukraine.

The cost of wheat futures on the Chicago Board of Trade 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 economy. 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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