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.
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.
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.