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Wheat Prices Spike as US Sees War, Adverse Weather Hurting Crops

  • Futures in Chicago, K.C., Minneapolis rise by exchange limits
  • Estimates for Ukraine wheat, corn crops slashed by USDA
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From war to extreme weather, the world’s wheat crops are under threat, a view that’s being bolstered by a US report.

Production in Ukraine, one of the biggest growers, will fall by one-third compared to last year, according to a US Department of Agriculture forecast. Other major producers are battling drought, floods and heatwaves. In all, global stockpiles in the coming season will dwindle to a six-year low. Futures prices in the US surged by the most allowed by exchanges.