Fears of the impact of Russia-Ukraine war on global inflation and recession have escalated in recent weeks and another major issue looming over the horizon are concerns that the conflict could result in a hunger crisis as both countries account for over a quarter of the world’s wheat exports.
Wheat prices recently surged to a 14-year high, with the price of a bushel of wheat soaring more than 50% to $12.94 on Monday since the Russian invasion of Ukraine began. The price movement on Monday hit the Chicago Board of Trade’s limit for another day.
