World wheat prices have increased due to escalating tensions between Russia and Ukraine.

Wheat surged as mounting risk of military conflict stoked concerns about the outlook for grain shipments from Eastern Europe. Futures in Chicago climbed as much as 4.4%, while contracts tied to corn and soybeans also rose in Chicago as the US said intelligence indicates Russia may attack Ukraine before the Olympics end on Feb. 20. However, Moscow has said it has no intention of invading.