The value of wheat on Tuesday rose to its highest levels in additional than a decade, with merchants involved about world provide disruption as Russia’s invasion of Ukraine superior.
A convoy of Russian army autos is approaching Ukraine’s capital of Kyiv, satellite tv for pc imagery taken Monday indicated.
Wheat futures reached 984 cents per bushel on the highs of Tuesday’s session — the highest since April 4, 2008, when wheat traded as excessive as 985.5 cents per bushel.
Russia is the biggest exporter of wheat, and Ukraine is among the many four-biggest exporters of the commodity, in response to JPMorgan.
Out of the 207-million-ton worldwide wheat commerce, 17% comes from Russia and 12% comes from Ukraine, in response to Financial institution of America.
“Wheat and corn are the most exposed agricultural markets to any potential escalation in tensions,” JPMorgan’s Marko Kolanovic mentioned in a Feb. 14 notice.
Corn futures on Tuesday additionally hit a excessive of 722 cents per bushel, their highest stage since Might.