Wheat prices rose to the highest level in 9.5 years

Wheat and corn prices rose sharply after Russia invaded Ukraine. The rise in agricultural commodities observed after the deepening crisis after Russian President Vladimir Putin signed the decree on the recognition of the so-called administrations of pro-Russian separatists in eastern Ukraine gained momentum when Russia officially launched the invasion of Ukraine. With the occupation, wheat became the main actor in the commodity markets, as Russia and Ukraine had a large share of production. Wheat prices hit the highest level since August 2012 at $9.34 when Russia started to invade Ukraine. Wheat prices, which rose by nearly 6 percent today, increased by 16,3 percent on a weekly basis and by 21.3 percent compared to the beginning of the year. Wheat finished the year with an increase of 20.3 percent. The decrease in production estimates despite the increase in demand, increase in exports, concerns about supply and adverse weather conditions affected the production of wheat in the increase of wheat prices last year.

Selling pressure on coffee

Corn prices, on the other hand, rose more than 5 percent today and hit $7.16, the highest level since May 2021. Today, there was also a 1 percent increase in cotton prices, a 4.5 percent increase in soybean prices, a 0.5 percent increase in cocoa, and a decrease of 0.2 percent in coffee. In sugar, on the other hand, a horizontal trend is observed. Soybeans also hit their highest level since September 2012, at $17.56. Analysts said that the increase in fertilizer and energy costs generally triggered the rise in agricultural commodity prices.