Global Wheat prices shot up today after coming off their record highs last week as the war between Russia and Ukraine continued. The United Nations noted in a latest update that Russia and Ukraine represent more than half of the worlds supply of sunflower oil and about 30% of the worlds wheat and that grain prices have already exceeded those at the start of the Arab Spring and the food riots of 2007-2008. Global Wheat market also eyed worsening drought in the southern US Plains which is likely to hurt the winter wheat crop. The US Wheat futures spiked above $11 per bushel today and currently trade at $11.28 per bushel, up around 3% on the day.
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