The Teucrium Wheat Fund (WEAT) gapped up 3.34 percent on Monday. The fund, which tracks the price of wheat futures, shot up almost 9 percent between May 9 and Friday and has soared almost 70 percent higher since Feb. 3.
The Teucrium Wheat Fund’s gap up open was a response to India’s decision to restrict wheat exports on Monday amid fear of domestic food shortages caused by a recent heat wave that damaged the country’s crops. Soaring inflation has also been attributed to the increase in wheat prices as well as Russia’s invasion of Ukraine, which the U.S. Department of Agriculture estimates could slash Ukraine’s crop exports by 35 percent for the 2022/2023 harvest.
