Amid the escalating situation in Ukraine, after the beginning of the Russian military operation against the east European country, wheat futures have spiked by 6%, hitting a 10-years high.
#Wheat prices higher by nearly 6 percent as of 13:14 GMT#XAUUSD up by 2.8 percent#WTI up 7.9 percent - #BrentOil up 8 percent pic.twitter.com/fVpyGGiKM7
— FP Markets (@FP_markets) February 24, 2022
Both Ukraine and Russia are amongst the largest producers of wheat to the rest of the world, accounting for more than 25% of the global supply.
Tensions in Ukraine have also pushed prices of oil, natural gas, and gold to historic highs.
