Chicago wheat futures (W_1:COM) soared 40% last week, its biggest weekly rise on record, and on Monday have hit their highest price since March 2008, +7% to $12.94 1/4 per bushel, rising by the daily limit for the sixth straight session.
The record close for a most-active contract was set on March 12, 2008, while an all-time intraday high of $13.50 per bushel was set on February 27, 2008, according to data going back to 1984.
"The risk now is that [Ukraine] planting is further compromised," Peak Trading Research's David Whitcomb tells MarketWatch. "We get more clarity on that topic every week, and thus far it looks problematic."
Corn and soybeans are trading at around their highest levels since September 2012, with gains Monday for front-month corn (C_1:COM) +2.7% to $7.75 1/4 per bushel and soybeans (S_1:COM) +2.1% to $16.95 1/2.
"Until the fighting in Ukraine ends, it cannot be expected that wheat and corn exports from Ukraine and Russia will resume," a European trader told Reuters, and there are concerns that some countries will begin export restrictions to prevent depletion of their own domestic supplies.
Already, Hungary has banned all grain exports with immediate effect because of skyrocketing prices.
Egypt, the world's top wheat importer, is seeing prices spike due to the war in Ukraine, sanctions against Russia and soaring insurance and freight costs.
Global food prices hit an all-time high last month, up 3.9% from January and 24.1% from a year ago.