Global wheat prices jump 4% amid inflation fears and the Iran war
Global wheat prices rose, as the war in Iran continues to raise Oil prices, raising concerns that farmers may reduce their cultivation areas due to rising fuel and fertilizer costs. In addition, severe winter weather in parts of the central United States has damaged crops Wheatwhich began to grow after a period of stability. Futures for hard red winter wheat, a type used to make all-purpose flour and bread flour, rose 3.8%. Chicago benchmark futures for soft red winter wheat, used in making biscuits and cakes, rose 2.9%. In a related context, corn futures rose by 1.8% to reach $4.6225 per bushel, while soybean futures recorded a slight increase of 0.4% to reach $11.6150 per bushel. This jump in wheat and grain prices came with the rise in oil prices, amid further escalation in the American war with Iran. Broader concerns about Inflationattracts investors to crops such as wheat and soybeans, two of the commodity sectors most closely linked to price pressures in the past decade.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
