Wheat Prices Spike On Potential Russia Sanctions

A Palestinian worker holds wheat grains at traditional a wheat mill, in Rafah, in the southern Gaza Strip, on March 21, 2022. Russia's invasion of Ukraine could mean less bread on the table for many countries where millions already struggling to survive. Said Khatib/AFP via Getty Images

U.S. wheat prices climbed for the second consecutive day amidst reports that more sanctions are being considered against Russia for its ongoing war in Ukraine and alleged crimes against the civilian population.

U.S. wheat futures registered its lowest closing price in a month on April 1 at $9.84 per bushel. After rising on Monday, it is now trading at around $10.55 per bushel as of 13: 55 UTC on April 5, an increase of over 7 percent from Friday’s close. Talks of additional sanctions on Russia are pushing up wheat prices.