Wheat hit a three-year high, amid trade route disruptions
Kyiv and Moscow have stepped up attacks on a key transit route for a large share of global grain exports.
Wheat prices have surged to a three-year high due to disruptions in trade routes caused by the ongoing war in Ukraine. The conflict has intensified attacks on the Black Sea, a crucial transit route for a significant portion of global grain exports, with both Kyiv and Moscow targeting each other's economies. This has exacerbated the already strained global food supply, which is further challenged by higher fuel and fertilizer prices resulting from the Middle East conflict.
Additionally, the El Niño weather system is contributing to the problem, potentially putting millions at risk of malnutrition as temperatures rise.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
