World
UNDERREPORTED
Wheat futures soar to three-year peak as Black Sea attacks tighten supplies
Wheat prices have risen to their highest level in over three years, driven by intensified fighting in Ukraine that disrupts a key grain export route.
The conflict between Kyiv and Moscow has escalated attacks on the Black Sea, a vital corridor for a large share of the world’s wheat shipments. Both nations together supply roughly one-third of global wheat exports, and the heightened hostilities are squeezing the market. Rising fuel and fertilizer costs from the Middle East war, along with an emerging El Niño heat wave, are further straining the food system and raising malnutrition concerns.
Why it matters
Higher wheat prices and supply cuts risk worsening global hunger and price volatility.
In this story
wheat futuresBlack Seagrain exportsfuel pricesfertilizer costsEl Niñomalnutritionglobal food system
