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.
Wheat futures have risen by about 40% so far this year, driving up food prices and contributing to a broader global inflation surge as economies recover from the coronavirus crisis.