The price of wheat futures has hit its highest level since December 2012 as concerns about supply constraints from Russia/Ukraine crisis pushes the price sharply higher.
The price of wheat is up some 19% from the lows in 2022. From the low of 2021 the prices up 47.6%.
The price high has reached $8.79 per bushel. That took out the high price from 2021 at $8.74.
Russia is the world’s largest wheat exporter. Together with Ukraine, they supply 29% of the global wheat export market.
Meanwhile, corn is a big export from Ukraine especially to China. Ukraine topped the US in 2021 as the biggest exporter of corn to China.
The price of corn futures are up 15.2% from the 2022 low and up 41.3% from the 2021 low. It is still below the 202 high at $7.35. The high price today has reached $6.78 which is the highest level since the end of June 2021.