Wheat prices spiked more than 6% in Chicago on the news that Ukraine will limit exports of wheat
Friday, August 3, 2018

Wheat prices spiked more than 6% in Chicago on the news that Ukraine will limit exports of wheat

Wheat prices spiked more than 6% in Chicago on the news that Ukraine will limit exports of wheat in the new season. Prices settled back – to 3-year highs. Ukraine, the world’s fifth largest wheat exporter, will ask traders to ‘voluntarily’ limit exports, the Agriculture Minister posted on Facebook. Behind jumpy prices are world supply fears due to dry weather, Bloomberg reports. Extreme heat is pushing the EU wheat harvest to the lowest level in a decade. Russia, the world’s exporter, is seeing its harvest fall for the first time in six years. Drought is cutting harvests in Australia, the largest wheat supplier after Ukraine. The last time, Ukraine and Russia, limited exports – in 2010/2011 – food riots broke out in 60 countries in Africa, Asia and the Middle East.

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