Wheat futures soar to 14-year high and food prices could be next

3 Mar, 2022 09:03 / Updated 2 years ago
Fears of supply shortages from Russia and Ukraine have sent prices skyrocketing

Global prices for wheat reached new multi-year highs on Thursday, as warring tensions between major exporters Russia and Ukraine continued to raise concerns about the global supply of the commodity.

Wheat futures were up 7.62%, at $10.59 per bushel – the highest since 2008. Corn and soybean oil futures prices also surged. May corn futures were up 0.7%, at $7.31 a bushel, after touching levels not seen since 2013.

Despite an attempt to resume negotiations, fighting has continued between Russian and Ukrainian troops. As a result, the Black Sea ports used by both countries to export grain have been avoided by international shippers.

Russia is the world’s largest exporter of wheat, accounting for over 18% of international exports. Together with Ukraine, which has also stopped shipping grain, the two countries supply about 30% of global wheat supplies. The crisis threatens to push food prices across the world to an all-time high.

For more stories on economy & finance visit RT's business section