Wheat futures are at their highest levels since the global financial crisis, amid Russia’s war in Ukraine WSJWhatsNow
Fund traders are taking the opportunity to mitigate risks of an extended conflict in Ukraine creating prolonged disruption of trade flows.
“CBOT traders are starting to understand that the Ukraine war will be extended, and even if Russia is able to capture Ukraine in the coming weeks, the world will not allow Russian/Ukraine grain [or] energy to be sold,” research company AgResource said in a note Tuesday. Russia is the world’s leading exporter of wheat, with Ukraine not far behind. In the last full marketing year, Russia exported over 39 million metric tons of wheat, according to data from the U.S. Department of Agriculture. Ukraine shipped nearly 17 million tons of wheat that year. By comparison, the U.S. exported 27 million tons.
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