Wheat prices climb amid war in Ukraine

 

WISCONSIN (CBS 58) -- Commodities trading has been chaotic as Russia's war on Ukraine continues.

Sanctions have disrupted shipments of raw materials in the Black Sea, and that's having a big effect on agriculture markets worldwide. 

Russia and Ukraine make up 26% of global wheat trade, for instance. Wheat prices jumped 22% in February, blowing out some positions and creating chaos with some trading companies.

"In my career, which started in 1999, I have never seen a market trade like this, over the last couple weeks, in the agriculture market that is," said Terry Reilly, senior commodity analyst with Futures International.

Analysts say major importers are left scrambling to find other major exporters of wheat.