Wheat climbed to a nine-year high on worries about potential supply disruptions in the Black Sea region, further buoying costs of food staples around the world.
The escalating crisis over Ukraine has sparked fears that shipments could be affected from the Ukraine and Russia, which are heavyweights of global grains trade, Bloomberg reports
Future restrictions could threaten a vital source of supply at a time when unfavorable weather, and robust demand have already reduced crop stockpiles.
Wheat futures rose as much as 2.9%
*Bloomberg on Wheat reaction price chart
The West has imposed limited sanctions on Russia following Moscow’s recognition of two breakaway regions
- Today Russia declared a full scale invasion.,while foreign officials, UN and NATO warned on severe penalties and embargo.
So far, vessel traffic from the Black and Azov seas (the key hub for Ukrainian and Russian crop exports) has continued as usual,
according to Kyiv consultant UkrAgroConsult