LONDON: The world’s staple grains extended their blistering rally as Russia’s war on Ukraine stifles shipments from some of the biggest suppliers.

       Wheat futures rocketed past US$10 (RM41.95) a bushel for the first time in more than a decade, and corn leaped to a nine-year high.

       Soybean oil also hit a record. That’s giving fresh impetus to accelerating global food inflation, while the turmoil unleashed by Russia’s invasion has the potential to dislocate markets for years to come.

       The supply disruptions are likely to spill over into the next season, and potentially for even longer. Ukrainian farmers – many engaged in the defence of their country – appear unlikely to plant spring crops as usual, and Russia is facing sweeping penalties on its financial system. Plus, infrastructure is being damaged in the midst of the war.

       “The market is pricing in lost trade coming from the Black Sea region,” Arlan Suderman, chief commodities economist at StoneX, said in a note. “But it hasn’t yet started to factor in a year of lost production from Ukraine.”

       Benchmark soft red winter wheat futures jumped by the daily limit for a third straight session in Chicago. The price has surged nearly 40% this year, increasing the cost of everything from bread to cakes and noodles.

       Milling wheat climbed to a record in Paris. Corn – which feeds the world’s hogs and chicken herds – leaped 3% yesterday, the most since 2012. — Bloomberg