War, Climate Change, Energy Costs: How the Wheat Market Has Been Upended

The price of wheat has tumbled from its peak after Russia invaded Ukraine, but experts say one of the world’s most widely consumed foods remains in short supply and warn that a global hunger crisis still looms.

Like oil, steel, beef and other commodities integral to the economy, wheat shifts in price and availability in response to a complex set of overlapping factors, such as geopolitics and the weather. While the falling price of wheat…