War in Ukraine: Wheat prices continue to skyrocket after passing their highest level since 2008

War in Ukraine: Wheat prices continue to skyrocket after passing their highest level since 2008

War in Ukraine: Wheat prices continue to skyrocket after passing their highest level since 2008

On the eve, the wheat price It exceeded its highest level since 2008 in the US markets, as a result of the geopolitical tension that was triggered by the Russian invasion of Ukraine.

In detail, wheat futures contracts closed on Tuesday at US$9.84 per bushel (about 27 kilos), and on Wednesday, reached peaks of US$10.59 in Chicago, the reference market in United States.

It is worth emphasizing that since the outbreak of the conflict, wheat has shot up 7.6%, to the point that Chicago suspended the listing of futures contracts for May for the third consecutive day after reaching the maximum price increase allowed in one day.

According to analysts, wheat is one of the products most exposed to the conflict, given that Russia and Ukraine concentrate around a quarter of the global production of this cereal and are major exporters.

Corn is also affected

Corn futures contracts rose to $7.26 a bushel during trading on Wednesday.

In data from the CNBC channel, the price of wheat has risen by more than 36% since the beginning of the year and that of corn, by 21%.

Source: Larepublica

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