While markets have been obsessed with oil and artificial intelligence, the oldest trade in the book has been on a tear that is equal parts fascinating and terrifying.
In Chicago last week, the price of wheat surged to a three-year-high amid growing concerns that the escalating war between Russia and Ukraine is disrupting one of the world’s most important breadbaskets. Ukraine’s deepwater ports, which handle about 90 per cent of the country’s agricultural exports, remain blocked by Russian forces, while Russia’s port infrastructure has been subjected to growing Ukrainian attacks.
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