Global wheat prices have skyrocketed since Russia launched an invasion of Ukraine on Feb. 24. Russia and Ukraine together export 26 percent of the world’s wheat (pdf), according to the U.S. Department of Agriculture (USDA). Due to the war, the three largest shipping companies in the world suspended bookings to and from Russia. In addition, most Black Sea ports—the points of departure for two-thirds of Ukrainian grain exports—have been shut down. Wheat prices around the world have increased sharply since the start of the conflict as trade disruptions have raised fears of a wheat shortage. The war has caused extreme volatility in both cash and futures markets. Following the invasion of Ukraine, the wheat futures on the Chicago Board of Trade surged more than 50 percent to $12.94 per bushel before it began to retreat this week. In Europe, wheat futures on Paris-based Euronext have also gone up sharply. Ukraine, often dubbed …