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Rising Wheat Prices: Supply Worries Loom

Wheat prices rose this week to a two-month high amid fears that the planting and harvest season in Ukraine is under threat, several media outlets reported, citing traders.

March wheat futures contracts on the Chicago Mercantile Exchange closed on Monday at over $8.0075 a bushel, the highest level since Nov. 23.

Prices fell slightly in trading today, Tuesday, but are still at high levels.

Wheat prices jumped last Friday, and analysts attributed the rise to fears that an escalating conflict in Ukraine would jeopardize Black Sea shipments, which were already a third lower than the previous season.

Source: agencies


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