Wheat prices have increased significantly to reach over $300 on Thursday, after the official launch by Russia of an all-out invasion of Ukraine by land, air and the sea.
Futures contracts for March in United States market for the price of wheat by ton reached around $308, up from $280 on Wednesday.
With intervention, all commodity prices, which are already near multi-year highs, rose sharply in global markets, including oil, natural gas and gold.
Both Russia and Ukraine are global agricultural heavyweights and major wheat suppliers for numerous countries including Turkey. Both countries Account for about 29% of global wheat exports, 19% of world maize supplies and 80% of world sunflower oil exports.
Early Thursday, explosions were reported in several Ukrainian provinces, including the capital Kyivet, tanks reportedly crossed the border between Belarus and Ukraine.
the news followed Russian President Vladimir Putin announcing a military intervention in Ukraine, just days after recognizing two enclaves held by the separatists in Eastern Ukraine. Recognition attracted international condemnation and announcements of tougher punishments on Moscow.
Putin had amassed over 100,000 Russian troops around Ukraine in in recent months, but denied having had any intention of invasive.
