Wheat trades to the daily futures limit. Corn also sharply higher

The US wheat and corn futures both rose to their daily trading limit today on the invasion of Ukraine by Russian forces.

• Wheat is up for the third day in a row and has climbed 15.29% over that time. From the January 2022 low, the price of wheat is up 27.03%.
• Corn is up for six consecutive days and is up 12.9% from the low on February 16 for the year, corn is up 22.92%.

Looking at the wheat futures contract, the price high has reached $9.34 per bushel. That is up from the close yesterday of $8.04 and against its daily trading limit.

For the corn futures, the price high reached the limit high price of $7.18. That is up from the close yesterday of $6.54. The current price is off of its daily trading limit at $7.14 currently. The high price is still short of its 2021 high price of $7.35 reached on May 7, 2021.

Russia and Ukraine account for 29% of the global wheat exports, and 19% of the world corn supplies.

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• Soybeans reached the highest level since 2012. The high price reached $17.59, before backing off. It currently trades at $16.78. The price is soybean futures are up 25% from the beginning of the year.