Wheat Climbs Nearer to Record as Ukraine Supply Paralyzed by War

(Bloomberg) — Wheat prices surged closer to record levels as Russia’s intensifying war in Ukraine cuts off supplies from one of the world’s leading breadbaskets, and is set to prevent planting of crops this year, dealing what is probably an unprecedented supply shock to global consumers.

Futures in Chicago jumped by the daily limit for the sixth straight session, rising 7% to $12.94 a bushel, and building on a massive surge of 41% last week, the most in records going back more than six decades. Commodities from energy to metals and crops have soared since Russia’s invasion, fueling fresh inflationary pressures worldwide.