The price of wheat has soared to a three-year high as fears grow that Russia will escalate its attacks against Ukraine, threatening exports from the breadbasket of Europe, writes The Telegraph.

"Wheat futures rose to as much as USD 7.35 a bushel on Thursday, the highest level since July 2023, adding to concerns of further food inflation.

Analysts expect Vladimir Putin to ramp up attacks on Ukrainian infrastructure after tentative negotiations for a peace deal hit a dead end. Russia has caused significant damage to Ukraine’s Black Sea ports and grain storage facilities since the war began in 2022.

Russia has mounted attacks on crucial facilities across Ukraine in recent months. In July alone, it launched 35 attacks against ships in port, 22 against ships at sea, and 67 against port infrastructure.

The sustained attacks and damage to ports are affecting shipments from Ukraine.

Ukraine`s agriculture exports are expected to decline by more than half compared with previous forecasts, according to Ukraine`s agriculture ministry, adding to concerns of further food inflation.

Wheat shipments from Russia are also forecast to fall by more than 50pc in August, compared with the same month a year earlier”. Russia, the world’s biggest wheat exporter, shipped 1.5 million tonnes of wheat in July, down from a five-year average of 3.1 million".