Russia and Ukraine together accounted for nearly 29% of global wheat exports last year.
from the Guardian – Prices of oil, coal, aluminum, wheat and other commodities continue to rise as Russia’s invasion of Ukraine raised supply concerns. Brent crude, a global benchmark, rose by $118 a barrel for the first time since February 2013. It is currently hovering around $117 a barrel, up $4 from today. US light sweet crude is trading at $114.46 a barrel.
Aluminum set another record, rising 2.3% to $3,650 on the London Metal Exchange (which has gained 30% so far this year), while nickel rose more than 4% to $26,935 a ton. Russia is a major producer of both minerals.
As for grain, Russia and Ukraine together are estimated to account for nearly 29% of global wheat exports last year, according to the US Department of Agriculture, and thus the conflict has driven up global wheat prices.
Chicago wheat futures rose to a 14-year high of $11.34 a bushel and are up nearly 40% this month.
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