Wheat spikes to fresh 14-year high on deepening global shortage fears

Wheat soared to the highest level since 2008 on mounting fears of a global shortage as the Ukraine war shuts off over 25% of the world’s exports of the staple used in everything from bread to cookies and noodles.
 

Prices are heading for a record weekly gain of about 40%, spiking since Russia invaded Ukraine and the U.S. and Europe imposed sweeping sanctions on Russia. The war has closed major ports in Ukraine, and severed logistics and transport links. The fighting also threatens planting of crops in coming months. Trade with Russia has mostly dried up as buyers find it