Wheat Prices Soar on Russian-Ukrainian Conflict

The ongoing conflict between Russia and Ukraine has sent shockwaves through global grain markets. Wheat futures climbed in overnight trading as Russia and Ukraine continue to exchange blows, threatening the world's food supply.

Russia is the largest exporter of wheat, while Ukraine ranks sixth. The latest attacks have killed several people on both sides, including two reported dead along Ukraine's border with Moldova. Ukrainian drones also struck an oil terminal in Novorossiysk, Russia, damaging nearby equipment and infrastructure.

The price of December delivery wheat futures rose 7 3/4¢ to $7.54 3/4 a bushel, while Kansas City futures gained 7 3/4¢ to $8.26 3/4 a bushel.