The price of wheat has been pushed to a near three-year low by an exceptionally strong crop in Russia, but analysts warn that an escalation of tensions between Ukraine and Russia in the Black Sea and high levels of hedge fund bets risk causing a renewed spike.
Prices have fallen more than a fifth since the end of July, even as the Russian invasion continues to disrupt exports from Ukraine, one of the world’s top exporters.
Traders have been betting that a glut of supply from Russia this year will help keep prices depressed at a time when inflation is driving other agricultural commodities such as cocoa and coffee to multiyear highs.
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