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War sends wheat prices up $23 per tonne overnight

Wheat futures jumped roughly $23 per tonne after Russia threatened escalating missile attacks on Ukraine. This disrupted exports from a region that supplies roughly one-third of the world's exportable wheat and barley.

Why it mattersFood importers worldwide face higher costs if disruptions persist. Farmers and buyers need to plan around extreme price swings. Fast reversals happen when geopolitical risk shifts.

AustraliaAustralian wheat exporters could gain market share if global prices remain elevated, though flour and bread prices may rise locally if imported wheat becomes more expensive.

✓ Claims checked against the source and corrected before publish. checked 2 h ago