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Wheat Wipes Out Year’s Gain to Help Ease Food-Inflation Fears

  • Chicago wheat futures surged earlier in year on war in Ukraine
  • Crop trade remains disrupted, but demand worries hurt markets
A combine harvester cuts through a field of wheat during the summer harvest in Heudicourt, France.

A combine harvester cuts through a field of wheat during the summer harvest in Heudicourt, France.

Photographer: Nathan Laine/Bloomberg
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Wheat futures wiped out their gains for the year in Chicago, as prospects for weaker demand offset supply worries that were exacerbated by Russia’s invasion of Ukraine.

Crop markets have become mired in the downturn gripping commodities, as fears mount about slowing economic growth. Wheat harvests are also rolling in across the US and Europe, boosting near-term supplies. The grain is one of the world’s major staples and its price decline could help tame the rampant run-up in food inflation.