If the value of wheat in the US market prior to Russia’s invasion of Ukraine on February 24 is taken into account, the close of trading the day before placed it at US$321.87.
This means that, in just nine days, wheat climbed US$170.5 or 52.97%.
The supply of the two main wheat powers that represent almost a third of world trade has been paralyzed since the beginning of the Russian attack, with ships stranded in the ports and with no signs of reactivation in the short term.
The absence of the wheat that Russia and the Ukraine usually provide generated a spike in the price of the grain, in the face of a demand with a very reduced supply.
The problem with wheat could also be transferred to corn if the conflict continues, because in April the planting of this cereal should begin, of which Ukraine is the fourth largest supplier in the world.
For now, the price of corn in Chicago does not move with the shocks of wheat, since in the night trading it advanced US$7.97 and stood at US$303.73 per ton, with a rise of 2.69%.
Thus, since the Russian attack began, when it closed at US$ 269.18 the previous day, it has increased 12.83%, that is, a quarter of what wheat did in these nine days.
Source: Ambito
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