Wheat futures are moving at unprecedented levels, reaching a record high, showing the significant disruption to global food flows caused by Russia’s invasion of Ukraine.
The most active futures in Chicago have reached $ 13,635 the bushel to one, to a rise corresponding to 77% increase from the beginning of the year. The whole world is facing a huge supply shock as deliveries from war zones representing about 25% of the world’s cereals as well as the sunflower oil base have been cut off.
Wheat fell from an all-time high later in the day, but remains at an all-time high. The last time cereals moved to historic highs was during the 2008 food crisis, which sparked international protests.
“Putin’s war is threatening to meet the nutritional needs of the people on a global scale,” German Agriculture Minister Cem Oezdemir said in a statement on Tuesday.
Although Ukraine is trying to replace the war-torn sea transport with rail, the losses and difficulties are obvious.
At 14.01 Greek time, the wheat recorded up 2.2% to $ 13.2275 a bushel in London, with strong volatility. This is twice the cost of a year ago.
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Source: Capital
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