Wheat futures have surged by nearly a third over the past four days, on track for the biggest weekly rise since at least 1959 as Russia’s invasion of Ukraine crimps exports of the crucial food grain and stokes global inflation fears.
Corn futures C00, +2.54% have jumped 14% this week and soybean futures have been dragged up more than 5%. “As just one data point. It has been reported that there are 600 million bushels of corn contracted for export that is currently trapped in Ukraine,” he wrote. “And what about 2022 [production]?” Wheat exports from the Black Sea region have been stranded since Russia’s invasion of Ukraine on Feb. 24, according to S&P Global Commodity Insights.
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