CHICAGO: wheat rose to $11.2 per bushel on the third week of March, rebounding from the one-week low of $10 touched on March 11th as the war in Ukraine revamped supply concerns.
Moscow announced a planned suspension on all grain exports to former soviet countries to protect domestic food markets after heavy sanctions from the West led domestic food prices to surge.
Meanwhile, Ukraine said that wheat plantations will reduce by 39% this Spring, or 4.7 million hectares, due to Russia’s military invasion. Russia and Ukraine are jointly responsible for over 30% of world wheat exports. Elsewhere, drought conditions in North America further underpinned markets.