Russia-Ukraine war disrupts Black Sea shipments, Chicago wheat jumps 17%
Business
Wheat prices are climbing fast because the Russia-Ukraine war is making it tough to ship grain through the Black Sea.
Since early July, Chicago wheat futures have shot up more than 17%, reaching their highest levels in nearly three years, right when August's harvest usually hits the market.
Port attacks slash Ukraine exports 76%
Russia and Ukraine account for roughly 30% of global wheat exports, but repeated attacks on Ukrainian ports such as Odesa have slashed Ukraine's grain exports, which dropped by about 76% year-on-year in August.
With river routes struggling due to low water levels and even Russian grain facilities being hit, buyers are scrambling for alternatives, which means higher prices for everyone's daily bread.