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The Economic Times
The Economic Times
Business

Wheat soars as Ukraine attacks on Russia seen as export risk

Russia United States Ukraine USDA

Wheat prices jumped Friday as traders weighed potential shipping disruptions following Ukraine’s attacks on top exporter Russia.

Strikes by Ukraine on Russian oil refineries and several tankers off the country’s coast could lead Russia to close the Azov-Don canal and the Kerch Strait, which connects the Black Sea and the Sea of Azov. Shipping was temporarily stopped through a canal that links the Don River to the Sea of Avoz, Reuters reported citing two grain industry sources.

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