Wheat prices boom after Russian intervention in Ukraine

ISTANBUL

After Russia officially launched its intervention in Ukraine, wheat prices rose dramatically to over $300 on Thursday.

In March futures contracts in the US market, the price of wheat per ton reached around $308, up from $280 on Wednesday.

With the intervention, all commodity prices increased sharply in global markets, including oil, natural gas, and gold.

Early Thursday, explosions were reported in several Ukrainian provinces, including the capital Kyiv, and tanks reportedly crossed the border from Belarus into Ukraine.

The news followed Russian President Vladimir Putin announcing a military intervention in Ukraine, just days after recognizing two separatist-held enclaves in eastern Ukraine. The recognition drew international condemnation and announcements of tougher sanctions on Moscow.

Putin had amassed over 100,000 Russian troops around Ukraine in recent months but denied he had any intention of invading.