Wheat Hits Nine-Year High on Supply Fears, Raising Bread Costs
- Futures have rallied on Ukraine worries and smaller stockpiles
- Higher costs of staples are feeding through to grocery stores
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Wheat climbed to a nine-year high in Chicago on worries about potential supply disruptions in the Black Sea region, further buoying costs of food staples around the world.
The escalating crisis over Ukraine has sparked fears that shipments could be affected from the country and Russia, which are heavyweights of global grains trade. Any restrictions could threaten a vital source of supply at a time when unfavorable weather and robust demand have already reduced crop stockpiles.