Ears of wheat are noticed in a box close to the village of Hrebeni in Kyiv area, Ukraine July 17, 2020.
Valentyn Ogirenko | Reuters
The cost of wheat on Tuesday climbed to its best ranges in additional than a decade, with investors interested in world provide disruption as Russia’s invasion of Ukraine complicated.
A convoy of Russian army cars is coming near Ukraine’s capital of Kyiv, satellite tv for pc imagery taken Monday indicated.
Wheat futures rose closed up 5.35% at 984 cents in keeping with bushel, on the highs of Tuesday’s consultation. That marks the best worth since April 4, 2008, when wheat traded as prime as 985.5 cents in keeping with bushel.
The grain traded “restrict up” throughout the day, that means to the best quantity the cost of a commodity is permitted to extend in one day.
Russia is the most important exporter of wheat and Ukraine is without doubt one of the 4 greatest exporters of the commodity, consistent with JPMorgan.
Of the 207 million ton global wheat industry, 17% comes from Russia and 12% comes from Ukraine, consistent with Financial institution of The usa.
“Wheat and corn are probably the most uncovered agricultural markets to any possible escalation in tensions,” JPMorgan’s Marko Kolanovic stated in a Feb. 14 observe.
Corn futures on Tuesday additionally closed 5.07% upper at 725.75 cents in keeping with bushel, their best stage since Might. Buying and selling of corn futures used to be additionally halted.
— CNBC’s Pippa Stevens contributed to this file.