Wheat futures prices on the Chicago exchange have sharply increased amid concerns about further escalation of the Russia-Ukraine war and new disruptions in supplies via the Black Sea.
Modern.az reports that, according to Bloomberg, wheat prices rose by 6.4 percent on Wednesday. The increase reached 18 percent during August. As a result, wheat prices have climbed to their highest level in the last three years.
Russia and Ukraine together provide more than a quarter of global wheat exports. Disruptions in supplies from these countries could create serious problems for importing countries in Africa, Asia, and the Middle East.
Buyers have already started to turn to the more expensive supply options in the Australian and Argentine markets.
Experts believe that a further deterioration of the situation in the Black Sea could lead to a new wave of price increases in the global grain market and an acceleration of food inflation.
