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Wheat Soars to 14-Year High as Russia Invasion Chokes Trade

  • Cooking oils also climb to records on fears of shortages
  • Market yet to factor in year of lost Ukraine output: StoneX
Updated on

Wheat futures rose by the maximum allowed by the Chicago Board of Trade for a rare third day as Russia’s invasion of Ukraine stifles shipments from some of the biggest suppliers. 

Prices for the staple grain rocketed past $10 a bushel for the first time in more than a decade. Corn also leaped to a nine-year high, and soybean oil edged down from a record. The high prices are giving fresh impetus to accelerating global food inflation, and the drop in supplies has the potential to dislocate markets for years to come.