# Wheat prices soar as Russia-Ukraine tensions stoke food crisis fears

> Wheat prices rose a third straight day after Russia said it would treat ships heading to Ukrainian ports as military cargo carriers. The move followed the Kremlin's withdrawal from the Black Sea Grain Initiative, and Chicago wheat traded about 1.4% higher at a three-week high after an 8.5% jump the prior session.

- Date: 2023-07-20 · published 2023-07-20T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/35082-wheat-prices-soar-as-russia-ukraine-tensions-stoke-food-crisis-fears
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Threats to Ukrainian shipping raise the risk of lost Black Sea wheat and corn exports, supporting global grain prices and raising feed costs. The effect depends on whether shipments actually halt.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲
- OCEANFRT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2023-07-23 | 1 | +6.8% | 3.2 | Wheat rallied a third straight day on Russia's threat to treat Ukraine-bound ships as military cargo carriers, which raises Black Sea supply risk and added to the move ending July 23. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2022-01-31 | [Russia-Ukraine Tensions Drive Global Wheat Prices Higher](https://feedsoft.ai/events/43173-russia-ukraine-tensions-drive-global-wheat-prices-higher.md) | -1.7% | +0.5% |
| WHEAT | 2022-02-24 | [AgriMarketing.com - Wheat Prices Soar Following Russia's Invasion Of Ukraine](https://feedsoft.ai/events/42753-agrimarketing-com-wheat-prices-soar-following-russia-s-invasion-of-ukraine.md) | +6.8% | +25.3% |
| WHEAT | 2022-02-23 | [Winter Wheat Prices Touch 9-Year High on Russia, Ukraine Fears - Bloomberg](https://feedsoft.ai/events/42748-winter-wheat-prices-touch-9-year-high-on-russia-ukraine-fears-bloomberg.md) | +6.4% | +26.3% |
| WHEAT | 2023-05-03 | [GRAINS-Wheat rallies as tensions rise between Russia, Ukraine \| Kitco News](https://feedsoft.ai/events/7381-grains-wheat-rallies-as-tensions-rise-between-russia-ukraine-kitco-news.md) | -0.5% | -4.7% |
| WHEAT | 2022-07-25 | [Wheat prices rise as missile strike threatens Ukraine export pact](https://feedsoft.ai/events/40525-wheat-prices-rise-as-missile-strike-threatens-ukraine-export-pact.md) | -9.5% | -0.1% |
| CORN | 2022-01-31 | [Russia-Ukraine Tensions Drive Global Wheat Prices Higher](https://feedsoft.ai/events/43173-russia-ukraine-tensions-drive-global-wheat-prices-higher.md) | +0.6% | +6.9% |
| CORN | 2022-02-23 | [Winter Wheat Prices Touch 9-Year High on Russia, Ukraine Fears - Bloomberg](https://feedsoft.ai/events/42748-winter-wheat-prices-touch-9-year-high-on-russia-ukraine-fears-bloomberg.md) | +7.5% | +12.7% |
| CORN | 2023-05-03 | [GRAINS-Wheat rallies as tensions rise between Russia, Ukraine \| Kitco News](https://feedsoft.ai/events/7381-grains-wheat-rallies-as-tensions-rise-between-russia-ukraine-kitco-news.md) | +1.5% | -6.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/07/20/wheat-prices-soar-as-russia-ukraine-tensions-stoke-food-crisis-fears.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.