Wheat prices are at their highest in 14 years

Wheat prices on the Chicago Stock Exchange rose to the highest level since 2008, exceeding $10 per bushel.

This rise is expected to further affect the already high global food prices.

Wheat, one of the most basic foodstuffs, increased by more than 30 percent last month.

Russia and Ukraine account for more than 25 percent of global wheat exports and one-fifth of corn exports. The war between the two countries and the US and Europe's implementation of sanctions against Russia also caused confusion in the grain market. Importers turned to countries other than these two countries for procurement.

Companies such as Archer Daniels Midland, the world's largest processor of agricultural products, and Bunge, the agricultural products trading company, suspended their operations in the region.

On the other hand, corn prices increased by more than 10 percent daily, reaching the highest level since 2013.

Palm oil prices are also at record levels due to various factors such as drought and labor shortages.