Get All Access for $5/mo

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 Edited by Jessica Thomas

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

Senior Features Writer

Amanda Breen is a senior 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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Leadership

7 Telltale Signs of a Weak Leader

Whether a bully or a people pleaser who can't tell hard truths, poor leadership takes many forms.

Franchise 500 Annual Ranking

50 Franchise CMOs Who Are Changing the Game

Get to know the industry's most influential marketing power players.

Thought Leaders

6 Tips From a Clean Beauty Entrepreneur

Sarah Biggers went from a newbie in the natural beauty space to a pro in just a few years. Here are six things she wishes she'd known at the beginning.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.