There has been much talk about the disruption to the oil market due to Russia’s invasion of Ukraine. However, oil isn’t the only commodity affected by Russia’s latest aggression.
Wheat prices have risen to the highest point since 2008, during the time of the financial crisis.
Prices were trading as high as $9.60 per bushel on Friday before falling to $9.34 as of this writing.
According to Seeking Alpha, “Russia and Ukraine account for ~29% of global wheat exports, 19% of world corn supplies and 80% of world sunflower oil exports.”
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