Putin Hates Pizza

When Putin invaded Ukraine, global wheat prices skyrocketed. Here are some basics:

1. Russia and Ukraine’s combined wheat production totals 30% of the world's exports as of 2020.

2. It is the second most produced grain behind corn.

3. Wheat is also used to make pizza, which powers Teenage Mutant Ninja Turtles and commodities traders everywhere.

The graph below shows the price of a bushel of wheat from 1960-2022. As of March 31, 2022, a bushel was $618. The price has nearly doubled to $1201 as of May 24. This is the highest recorded price for wheat since 1960.

Unfortunatly futures traders are predicting high pizza costs for at least the next year.

Do you think the price of wheat will stay high? What will prices look like next March? Hopefully I won't be stuck eating cauliflower crust. Have a great day.

-Dale