Price of Wheat Rises After Russian Attack on Ukraine

Berlin, 24 Feb (ONA) —Wheat prices have risen sharply on world markets, along with numerous other commodities, in the wake of the Russian attack on Ukraine, dpa reported.

The price for a bushel of wheat rose by more than 5%, to just under 935 US cents today, the highest level since 2012. Russia is one of the most important producers of wheat worldwide.

The price on the Chicago Commodity Exchange (COBT) had risen by the maximum possible amount of 50 US cents during the morning’s trading, said commodities expert Carsten Fritsch from Commerzbank.

Today, numerous raw materials exported from Russia became much more expensive.

The conflict puts double the pressure on wheat, however, as Ukraine is also one of the world’s big wheat producers. Together, the two countries account for about a quarter of global trade.

—Ends/Hilal/AH