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Ukraine war

Global wheat shortage looms as summer risk over Ukraine war

Russian invasion, Western sanctions threaten to choke supply from 2 crucial exporters

Ukraine is one of the world's largest agricultural producers, growing vital crops like wheat and corn.   © Reuters

TOKYO -- Russia's invasion of Ukraine risks sending wheat prices to fresh highs this summer, inflicting economic pain from food-insecure developing countries to rich nations.

Benchmark wheat futures at the Chicago Mercantile Exchange topped $13 a bushel at one point this month, hitting a record for the first time in roughly 14 years. Though prices have fallen since, concern remains that they could rebound on a shortage.

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