Wheat prices rising following escalation in Ukraine
Chicago SRW Wheat Futures spiked 6.6% on Oct. 10, to $9.38 per bushel – the highest since June 23, according to Dow Jones Market Data.
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“Uncertainty about the availability of existing wheat supplies from Russia and Ukraine is driving prices up, while the headlines are fueling this uncertainty,” said Sal Gilberti, investment director at Teucrium Trading.
In addition, Australia is facing flooding in New South Wales, which has partially affected wheat-growing areas and could reduce this season's harvest, Darin Newsom, head of Darin Newsom Analysis, added.
Read also: Only a quarter of planned area in Ukraine sown with winter crops
Although global food prices have somewhat declined after peaking in the summer, world leaders and the UN remain concerned that soaring costs – an increase of 7.9% YoY – could imperil food security in a number of African and East Asian countries, precipitating humanitarian crises and regional instability.
Read the original article on The New Voice of Ukraine
