ISTANBUL

The price of wheat on Tuesday hit a historic new high of $13.63 per bushel.

Amid the ongoing Russia-Ukraine war and rising commodity prices, wheat prices have climbed 30% on a weekly basis and 60% since the beginning of the year.

On the Chicago Board of Trade, the price of the wheat jumped 5% versus the previous close to $13.63, breaking the last record high of $13.49, seen in 2008.

After hitting the record, the price of wheat dropped to $12.56 as of 0950GMT.

The Russia-Ukraine region is a significant grain producer and exporter for the world, and the ongoing conflict has raised concerns of a possible grain shortage.

*Writing and contributions by Gokhan Ergocun​​​​​​​