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The price of wheat “wrote” high for 14 years today, with traders worried about the interruption of world supply, as the Russian attack on Ukraine culminates.
Chicago Stock Exchange rose 5.35% to $ 9.84 per bushel. This is the highest price since April 4, 2008, when wheat traded up to $ 9.85 per bushel.
Russia and Ukraine account for 29% of world wheat exports, 19% of world corn exports and 80% of world sunflower oil exports.
Of the 207 million tonnes international trade in grain, 17% comes from Russia and 12% from Ukraine, according to Bank of America.
“Wheat and corn are the most exposed agricultural products to any possible escalation of tensions,” said Marko Kolanovic of JPMorgan in a note dated 14 February.
Corn futures on Tuesday also reached a high of $ 7.22 per bushel, up 4.89%, their highest level since May.
Source: ot.gr
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