The Russian offensive war - which, according to sources close to the Kremlin, is about to escalate - has already damaged Ukrainian ports and terminals and sharply reduced wheat exports from Ukraine.
Together, Russia and Ukraine account for more than a quarter of global wheat exports. The countries are also major exporters of barley, corn and sunflower oil.
In futures trading on the Chicago Mercantile Exchange, the price of wheat has risen to just over $7.62 per bushel (approximately 27.2 kilograms) - the first price above $7 per bushel since May 2024 and the highest price since February 2023.
