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Benzinga
Benzinga
Business
Melanie Schaffer

Wheat Futures Rise On Exports Restrictions, Russia/Ukraine Crisis, Soaring Inflation: What's Next?

WEAT Inflation Ukraine Russia

The Teucrium Wheat Fund (NYSE:WEAT) gapped up 3.34% on Monday. The fund, which tracks the price of wheat futures, shot up almost 9% between May 9 and Friday and has soared almost 70% higher since Feb. 3.

The Teucrium Wheat Fund’s gap up open was a response to India’s decision to restrict wheat exports on Monday amid fear of domestic food shortages caused by a recent heat wave that damaged the country’s crops. Soaring inflation has also been attributed to the increase in wheat prices as well as Russia’s invasion of Ukraine, which the U.S. Department of Agriculture estimates could slash Ukraine’s crop exports by 35% for the 2022/2023 harvest.

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