Wheat Surges 9% as Russian Sanctions Upend Commodities Markets
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Wheat and corn soared after Western nations imposed tougher sanctions on Russia for the invasion of Ukraine, upending global commodities markets and threatening further increases in food inflation.
The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT bank messaging system, which is used for trillions of dollars worth of transactions around the world. They also targeted the Russian central bank’s foreign reserves.