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The threat to wheat supplies from Russia’s invasion of Ukraine has been exacerbated by a shift in global stocks away from major exporters such as the United States and European Union, undermining their effectiveness as a cushion in times of crisis.

U.S. wheat futures rose to a 14-year high on Thursday as importers scrambled for supplies following the closure of ports in Ukraine and disruption to supplies from Russia. The two countries account for about 29% of global wheat exports.

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