Supply may not be as impaired as we think because other areas will compensate for any losses from Ukraine, and it is happening across the board, said Marc Ostwald.
Washington Post writers Andrew Van Dam and Rachel Siegel reported on the front page of Friday's paper that, "Prices continued their upward march in January, rising at an annual rate of 7.5 percent, the fastest pace in 40 years, as pandemic inflation continues to defy expectations, climbing faster and lasting longer than nearly anyone would have guessed."
Wheat surged as mounting tensions over Ukraine stoked concern about the outlook for grain shipments from Eastern Europe.
Futures in Chicago climbed as much as 4.4 percent, while contracts tied to corn and soybeans also rose in Chicago, as the US said intelligence indicates Russia might attack Ukraine before the Olympics end on Sunday next week.
Moscow has said it has no intention of invading.
Ukraine and Russia are heavyweights in wheat, supplying more than one-quarter of the world’s shipments of the grain. They also play a big role in global corn and sunflower oil. A protracted discord in the region could