Wheat futures hit highest level in over three years on Black Sea disruption

Kyiv and Moscow have stepped up attacks on a key transit route for a large share of global grain exports.

Wheat futures hit their highest level in more than three years as the war in Ukraine strained supplies, further weakening the global food system.

Kyiv and Moscow have stepped up attacks on the Black Sea — a key transit route for a large share of global grain exports — as they try to weaken each other’s economies.

Together, the two countries account for around a third of global wheat exports.

The attacks have further strained global food supply, which is already hampered by higher fuel and fertilizer prices stemming from the war in the Middle East.

Meanwhile, the El Niño warm weather system is further complicating matters, with analysts saying millions could be at risk of malnutrition as temperatures soar.