Wheat climbs nearer to record as Ukraine supply paralysed

Futures in Chicago jumped by the daily limit for the sixth straight session, rising 7% to US$12.94 (RM54) a bushel, and building on a massive surge of 41% last week, the most in records going back more than six decades.

CHICAGO: Wheat prices surged closer to record levels as Russia’s intensifying war in Ukraine cuts off supplies from one of the world’s leading breadbaskets, and is set to prevent planting of crops this year, dealing what is probably an unprecedented supply shock to global consumers.

Futures in Chicago jumped by the daily limit for the sixth straight session, rising 7% to US$12.94 (RM54) a bushel, and building on a massive surge of 41% last week, the most in records going back more than six decades.