Wheat futures reached a 14-year high on Wednesday, trading at $10.59 per bushel, the highest level since wheat traded at $10.9125 on March 26, 2008.
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"This wills surely impact the price of flour," a source familiar with the matter told Israel Hayom. "It might happen tomorrow or more long-term. It was similar in 2008. The flour price impacted the price of every related product – bread, pasta and the like. What can be done. This will happen worldwide, not just in Israel. This is a dramatic increase in terms of agricultural commodities.
Russia and Ukraine are both major wheat exporters. According to data, of the 207 million ton worldwide wheat trade, 17% comes from Russia and 12% comes from Ukraine.
