Wheat Falls to Pre-War Low With Food Shipments Surging in Crimea

Chicago wheat futures extended losses back to the lowest since before Russia invaded Ukraine in February, capping its worst week in a decade with surging shipments of agricultural goods in Crimea underscoring how grain is still entering world markets despite the war.

Shipments of food out of Russian-occupied Crimea were 50 times normal for this time of year, likely signaling that stolen Ukraine supplies are moving on to importing countries. The news comes as negotiators were seeking a solution to resume Ukrainian shipments at Black Sea ports.