The war in Ukraine is no longer shocking the wheat market

When Russia invaded Ukraine in late February, wheat prices, which were already high because of pandemic-related supply chain shortages and severe weather, surged due to the anticipated cutoff to the global wheat supply. “Wheat has broken down to levels not seen since the very beginning of the Russian invasion of Ukraine,” said Jake Hanley, a managing director at Teucrium, an agricultural investment firm. Millions of tonnes of wheat and other grains are stuck in Ukrainian ports due to Russian forces either blockading or occupying them.