Wheat futures rise on worries about Ukraine

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Associated Press

Posted on March 24, 2014 at 1:01 PM

The price of wheat is climbing on concern that the ongoing tensions in Ukraine will reduce exports from that region.

The price of wheat for May delivery rose 21.25 cents, or 3.1 percent, to $7.15 a bushel. That's close to the highest level since May.

Russian President Vladimir Putin formally annexed Crimea last week and Russian forces are raising the heat on the Ukrainian military on the Black Sea peninsula by seizing their ships and breaking into walled military installations with armored personnel carriers. Ukraine and Russia account for 17 percent of the world's wheat exports.

In other trading of agricultural products, corn and soybeans also rose.

Most metals fell, led by a decline in the price of gold.

In energy trading, oil was little changed.

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