Wheat Prices Fall to Level Last Seen before Ukraine Invasion

Analysts said the developing world would probably be hit the hardest by India’s ban on wheat exports. Channi Anand/AP

Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement to unblock Ukraine's Black Sea grain exports.

In Chicago, the price of wheat for delivery in September dropped 5.9 percent to $7.59 per bushel, which is equivalent to about 27 kilograms and the lowest close since Russia invaded its neighbor on February 24, said AFP.