CBOT wheat posts record weekly rise as Ukraine war drives volatility

The most actively traded wheat futures Wv1 climbed 6.6%, or the expanded 75-cent limit, to a 14-year high of $12.09 a bushel. The contract ended up 40.6% for the week.With Ukrainian ports closed and operators reluctant to trade Russian wheat in the face of Western financial sanctions, buyers are trying to find alternative suppliers.

Chicago Board of Trade wheat futures posted their biggest-ever weekly gain as prices on Friday jumped by their daily limit on deepening fears that Russia's attack on Ukraine will cause prolonged disruptions to exports from the Black Sea region.

Trading was volatile amid uncertainty over how much global demand may shift to the United States and to what extent the conflict will hamper crop plantings in Russia and Ukraine.

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