Wheat prices jump following collapse of major dam in southern Ukraine

By COURTNEY BONNELL and WYATTE GRANTHAM-PHILIPS
AP Business Writers

WASHINGTON (AP) — The collapse of a major dam in southern Ukraine sent global prices of wheat and corn higher. The destruction has renewed market fears about the fragility of the country’s ability to ship food to Africa, the Middle East and parts of Asia as it fights a war with Russia. Wheat prices gained 2.4% early Tuesday on the Chicago Mercantile Exchange, to $6.39 a bushel. Prices were higher earlier in the day, but declined somewhat in the hours following. The destruction of the dam has raised concerns about disruption to Ukraine’s affordable grain supplies getting to developing nations where people are struggling with hunger and high food prices.