Wheat prices hit 3-year high on Ukraine, Iran war impact; import stocks at risk

Global wheat prices have surged to their highest level in over three years, driven by the ongoing wars in Ukraine and Iran, which have disrupted supply and raised concerns about declining stocks in importing countries. The price spike threatens to worsen global food inflation, particularly in import-dependent regions. The extent of further price increases depends on the duration of the conflicts and the availability of alternative suppliers.