Reported 4 months ago
Due to one of the driest Mays on record in Ukraine, wheat prices surged as fears of rising food costs resurfaced. Russia and Ukraine, major global wheat exporters, have faced crop damage from parched crops and unseasonal frost, impacting harvests and leading to a 12% monthly gain in benchmark wheat futures. Russia may declare a national emergency following frost damage, while Australia and India also face weather-related challenges, resulting in expectations of global wheat stockpiles falling to a nine-year low.
Source: YAHOO