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Wheat Settles at All-Time High as War Paralyzes Ukraine Trade

  • Futures surge in Chicago and Paris on fear of global shortfall
  • World food costs are at record and poised to go even higher
Updated on

Chicago wheat settled at the highest price on record as Russia’s intensifying war in Ukraine cuts off supplies from one of the world’s leading breadbaskets. 

Benchmark futures climbed by the exchange limit of 85 cents, or 7%, to close at $12.94 a bushel. That builds on a massive surge of 41% last week, the biggest gain in data spanning six decades. The Paris contract for wheat breached an all-time high after jumping as much as 14%.