Global Wheat Prices Soared to Two-Year High due to Intensifying Strikes in the Black Sea

Global wheat prices have soared to a two-year high due to intensifying strikes in the Black Sea, Bloomberg reports.

At the Paris Stock Exchange the price of a ton of wheat jumped almost 4.5% to €245 per ton. Corn now costs €261 per ton, setting a new three-year record.

Bloomberg emphasizes that the Black Sea region is key to the global food market. Russia and Ukraine account for more than a quarter of global wheat exports. Experts predict a new round of global food inflation.