Amid Russia’s war on Ukraine and rising commodity prices, wheat prices up by 30% on weekly basis…
The price of wheat on Tuesday hit a historic new high of $13.63 per bushel.
Amid the ongoing Russia-Ukraine war and rising commodity prices, wheat prices have climbed 30% on a weekly basis and 60% since the beginning of the year.
On the Chicago Board of Trade, the price of the wheat jumped 5% versus the previous close to $13.63, breaking the last record high of $13.49, seen in 2008.
After hitting the record, the price of wheat dropped to $12.56 as of 0950GMT.
The Russia-Ukraine region is a significant grain producer and exporter for the world, and the ongoing conflict has raised concerns of a possible grain shortage.