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Wheat prices hit three-year high on Friday amid Black Sea export disruptions and global drought concerns, with Chicago futures at $7.79/bushel on Monday.
Wheat prices have risen sharply due to intensified attacks by Russia and Ukraine on Black Sea grain terminals, which have disrupted global supply chains. Additionally, changing weather patterns have caused droughts, sharply reducing production forecasts in major wheat-producing regions including the US, Canada, Europe, and South Africa. Chicago wheat futures, the global benchmark, reached a three-year high on Friday before settling at $7.79 per bushel on Monday.
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