Wheat prices are on the rise as tensions escalate between Ukraine and Russia. Over the past weekend, Ukraine deployed sea drones, targeting a Russian naval ship and an oil tanker. These actions have threatened a primary export route for Russian commodities. At the peak of its second consecutive bumper harvest, Russia relies heavily on this waterway for its wheat exports. On the other hand, the ongoing conflict confines Ukraine’s shipments to land and river routes. As the war drags on, Ukraine’s harvest yields are diminishing.