Wheat prices surge amid Russia’s invasion of Ukraine—Here’s what that means for U.S. food costs:
Chicago futures for wheat prices continued to surge higher on Thursday, jumping another 7% to $11.34 per bushel—trading at their highest level since 2008 as the fighting between Russia and Ukraine could potentially disrupt global food supplies.
Russia and Ukraine account for nearly 30% of global wheat exports combined—and the two countries are particularly important suppliers to the Middle East, north Africa and Asia—but the ongoing conflict has raised fears of global shortages and rising food prices. Ukraine’s ports have been closed due to the heavy fighting—with many farmers recruited to help defend their homeland, while Russian exports are likely to take a major hit from trade restrictions and heavy sanctions from the West.
While higher wheat prices might be good news for U.S. farmers , that’s not necessarily true for consumers, as expertsThe ongoing conflict could drive up U.S. food prices, which were high to begin with thanks to surging inflation: The recent spike in wheat prices is likely to make the commodityThat could raise the prices of U.S.
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