Wheat is no longer worth gold

The attack on Ukraine by Russian troops on February 24 caused the price of wheat to explode. From an average of 190 euros per ton over five years, French wheat, used as a reference and intended for human consumption, climbed to 450 euros in March. Unheard of for ten years. On Monday, it was listed at 335 euros, still far from its pre-war price or even the average of January 2022 when it was worth 278 euros. According to Ole Hansen, head of the commodities division at Saxo Bank, the downward trend might continue. “In March, that is to say shortly following the outbreak of the war, there was a wave of panic buying,” he recalls.