Russia's invasion of Ukraine has affected the cost of several commodities, among them oil, wheat and precious metals. While most were moving toward high marks, tougher U.S. sanctions announced Thursday tempered the markets some. Economists still warn that commodity costs could add to record inflationary pressures.
Oil
West Texas Intermediate crude topped $100, but ended the day at $92.81, still quite high. The prices settled after learning that strengthened sanctions would not include energy supplies. President Joe Biden also floated that strategic reserves would be opened some in coordination with other nations. Europe receives oil from Russia, a source cut off with the conflict
Wheat
With Russia and Ukraine being major exporters of wheat, futures for the grain surged by the maximum allowed by the exchange. putting a vital source of global supplies at risk while heightening concerns of a further acceleration in global food inflation. Benchmark soft red winter wheat in Chicago rose 5.7% at the exchange's limit to $9.3475 a bushel, a nine-year high.
Soybeans
Soybean prices have been on a run. Bad weather in Brazil and funds looking at soybeans as a diversifying option have pushed prices higher for several weeks. With the Russian escalation, soybeans hit $17.19, the highest level since September 2012, before settling at $16.51 for the day. Soybean producers also will likely benefit from the stop to sunflower oil exports from Ukraine.
Corn
