Wheat prices up 40% this week as war fuels widespread inflation fears

The war is stalling shipments from one of the world’s most vital breadbaskets

Russia and Ukraine account for about 29% of global wheat exports, 19% of corn exports, and 80% of exports of sunflower oil. 

Global wheat prices jumped by more than 6% on Friday and European futures set a new record high on deepening fears that Russia's invasion of Ukraine will cause massive disruption to export supply from the Black Sea region. 

Wheat for delivery in May reached €388.75 a tonne after earlier setting a contract high at almost €407.