With the Breadbasket of Europe Under Attack, Wheat Prices Soar

The war in Ukraine is having a clear and immediate effect on the global economy. World trade in wheat is greater than for all other crops combined, and its price reached a nine-year high on Thursday, $9.32 per 60-pound bushel, as the escalating conflict led to expectations of disrupted supplies. From the French Revolution to the Arab Spring, the cost of a loaf of bread has sparked political upheavals throughout history. If Middle Eastern governments want to avoid chaos in the streets, they’ll need to boost their bread subsidies, experts say. The Media Line’s Debbie Mohnblatt brings the full story ^[1].