Dam Destruction in Ukraine Sends Global Prices of 2 Common Food Crops Back Up The flooding threatened hundreds of thousands of residents and a large nuclear power plant.

By Amanda Breen

Global Images Ukraine | Getty Images

The destruction of a major dam in southern Ukraine has caused global prices of wheat and corn to climb.

Prices rose following Russia's invasion of Ukraine in February 2022 but had fallen before the dam's destruction. On Tuesday, wheat prices saw a 2.4% increase to $6.39 per bushel, and the cost of corn saw a more than 1% increase to over $6 per bushel, according to early trading data reported by Fox Business.

Related: How to Protect Your Profits From Inflation During a Global Crisis

Hundreds of thousands of people in the region surrounding the Kakhovka Dam were at risk when water began surging from it after an apparent explosion on Tuesday; it also potentially threatened Europe's largest nuclear power plant, NBC News reported.

Both sides are casting blame on the other: Kyiv officials have accused Moscow of a "terrorist attack," while Russian officials say they're not at fault. Neither claim has been verified, per the outlet.

Ukraine is a major exporter of wheat and corn, and flooding from the dam incident posed a risk to large agricultural fields nearby, as well as to drinking water supplies, per Fox.

Despite the initial rise, it appears wheat cost increases are already reversing: The price fell nearly 1% day over day as of Wednesday morning, according to Trading Economics.

Related: I Run Two Businesses in Ukraine. Here's How We're Resilient.

Amanda Breen

Entrepreneur Staff

Features Writer

Amanda Breen is a features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Editor's Pick

Related Topics

Business News

He Won the $2 Billion Powerball Jackpot. Now He's Snatching Up Swanky Homes Across Los Angeles.

Thirty-one-year-old Edwin Castro took his winnings as a lump sum.

Business News

'Do You Hate Me?': High School Teacher Shares Wild Emails He Receives From Students

Jordan Baechler teaches high school students in Ontario, Canada.

Data & Recovery

Get a Cybersecurity and IT Bootcamp For $39.97

Help keep your digital assets safe with cybersecurity courses (reg. $754) on sale for a limited time.

Business Ideas

These Retirees Just Wanted Their Cats to Drink More Water. Now Their Remote Side Hustle Makes $80,000 a Year.

This couple wanted to make and sell something from the comfort of their home. Now they're offering up their playbook for others.

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

Too many entrepreneurs are counting too heavily on a company exit for their eventual 'win.' Do this instead.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.