Escalating Russia-Ukraine tensions drive wheat prices to new heights

Wheat prices have risen for a third consecutive day as tensions between Russia and Ukraine escalate, sparking fears of a major global food crisis. Russia's threat to treat ships heading for Ukrainian ports as military cargo carriers has deepened concerns about food security. The rise in wheat prices follows Russia's decision to pull out of the Black Sea Grain Initiative, a crucial wartime deal that provided a humanitarian corridor for the export of Ukrainian grain. Attacks on grain infrastructure in southern Ukraine have further hindered Ukraine's ability to export agricultural commodities. The termination of the initiative is expected to create a significant food crisis worldwide, particularly affecting low-income countries in Africa and the Middle East.