Wheat futures reached new multiyear highs Wednesday, as war between major exporters Russia and Ukraine continued to raise concerns about the global supply of the commodity.
The moves in the commodity market come amid reports that Russian forces have surrounded two key cities in southern Ukraine.
Wheat futures on Wednesday settled at $10.59 per bushel, up 7.62%, the highest level since wheat traded at $10.9125 on March 26, 2008.
For a second consecutive day, wheat was at "limit up," meaning it reached the highest amount the price of a commodity is allowed to increase in a single day.
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"Look at what's happening to wheat prices right now. We could be talking about a major food inflation story," Helima Croft, RBC Capital Markets' head of global commodity strategy, told CNBC's "Worldwide Exchange" on Wednesday morning.
Russia is the largest exporter of wheat and Ukraine is among the four biggest exporters of the commodity, according to JPMorgan. Of the international wheat trade, 17% comes from Russia and 12% comes from Ukraine, according to Bank of America.
The price of corn, also a major agricultural product of the two countries, hit $7.4775 per bushel at its highs Wednesday, its highest level since reaching $7.5275 on Dec. 7, 2012. Corn futures settled at $7.27 per bushel.