Wheat prices spiked, reaching a three-year high, and then shot back down after Ukraine sowed confusion in the market with conflicting statements on possible export limits.
Ukraine, the world’s fifth-largest exporter, first issued a statement on Facebook saying it plans to limit shipments of milling wheat after a drought wrecked European crops. The ministry later sought to clarify its position, explaining that it’s not discussing “strict limits” and will discuss projected shipment volumes with traders.
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