War and heat: Why are wheat prices soaring?

Wheat prices have risen sharply amid disruptions to Black Sea exports as the Russia-Ukraine war continues and as changing weather patterns cause droughts that have sharply reduced production.Over the past month, Russia and Ukraine have stepped up attacks on each other’s grain terminals on the Black Sea. With Russia the world’s largest wheat exporter, and Ukraine among the top 10 grain-producing countries, these attacks have taken their toll on global wheat and grain supply.Recommended Stories list of 3 itemslist 1 of 3Death toll from Russian strike on Ukrainian arms depot rises to 38list 2 of 3Nord Stream bombings put Ukraine’s ties with Germany under pressurelist 3 of 3Xi, Modi and Putin attend SCO summit: What’s on the agenda?end of listChicago wheat futures, the global benchmark for the grain market, hit a three-year high on Friday, before nudging down 0.54 percent on Monday to $7.79 per bushel by 02:00 GMT. Authorities in Russia’s Rostov region called a state of emergency on Friday after announcing that port closures and navigation disruptions in the Sea of Azov and Black Sea basin have led to a pile-up of agricultural products at farms.Meanwhile, the rising temperatures and la...