Wheat Futures Are Soaring, and Food Prices Could Be Next Russ | G3 News

Wheat Futures Are Soaring, and Food Prices Could Be Next

Russia's military attack on Ukraine is causing wheat prices to spike, exacerbating already high food prices.

Wheat futures were up about 5.35% Tuesday (March 1), reaching prices not seen since 2008. The higher prices make wheat more expensive for food makers, who will likely pass those costs on to consumers.

Ukraine and Russia together are responsible for about 14% of global wheat production, according to Gro Intelligence, an agricultural data analytics firm. The two countries supply about 29% of all wheat exports. Prior to the Russian invasion, Ukraine was on track for a record year of wheat exports, while Russia's wheat exports were slowing, according to the US Department of Agriculture.

"This could not come have come in the worse time," said Robb MacKie, president and CEO of American Bakers Association.

With wheat prices already on the rise, the conflict abroad is placing even more pressure on a still ailing supply chain. Russia is the top exporter or wheat, while Ukraine is in the top 5.

➨ msn.com/en-us/money/markets/wheat-futures-are-soaring-and-food-prices-could-be-next/ar-AAUu9QD