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Wheat Swings After Touching an All-Time High on Supply Shocks

  • U.S. crop report due Wednesday in focus amid Black Sea chaos
  • Traders take profits as prices climb by exchange limits
Wheat is loaded onto a bulk carrier at a port in Australia on March 4.

Wheat is loaded onto a bulk carrier at a port in Australia on March 4.

Photographer: Carla Gottgens/Bloomberg
Updated on

Wheat futures swung wildly between gains and losses Tuesday after climbing to unprecedented heights as Russia’s attack on Ukraine disrupts global food supplies.

Prices in Chicago earlier leaped to a record $13.635 a bushel before plunging as much as 7.1%. The world is facing a huge supply shock as the war cuts off shipments from a region that accounts for a quarter of the grain’s trade. Futures have climbed by the exchange limit for the past six days.