World food prices reached record high in February with Ukraine war just starting

Global food prices hit an all-time high last month, up 3.9% from January and 24.1% from a year ago, according to the UN Food and Agriculture Organization. Chicago wheat futures already soared by a weekly record 40% to a 14-year high $12.09 per bushel. 30% of the world’s world’s wheat exports have been cut off from the global market by the Ukraine war. The UN raised its estimate for global grains trade by 2.7M tons, highlighting that demand already was running hot – exacerbated by unfavorable crop weather as well as an energy crunch and expensive fertilizers – before the Ukraine War curtailed supplies. Crop conditions and adequate export availability explain only part of the sharp global food price increases. . . .