Climbing World Wheat Reserves May Help Temper Chaos in Black Sea
- U.S. futures fall by exchange limit amid wartime volatility
- Bigger exports from Australia, India offset Black Sea losses
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The world’s stockpiles of wheat are on the rise, with a bigger harvest in Australia potentially tempering impacts of the Ukraine war, which is disrupting about a quarter of the grain’s global trade.
That’s according to the U.S. Department of Agriculture’s forecast for crops, released Wednesday. Chicago wheat fell by the exchange’s limit, and remains locked there.