Wheat and other agricultural commodities soared Tuesday as Ukraine-Russia tensions continue to escalate. The US administration outlined sanctions that target Moscow, while Russia has promised support for two separatist regions in Ukraine. Crops could be in store for a record week.

March wheat futures skyrocketed $0.445, or 5.53%, to $8.485 per bushel at 19:59 GMT on Tuesday on the Chicago Board of Trade (CBoT). Wheat prices are up more than 10% year-to-date.

March soybean futures tacked on $0.375, or 2.34%, to $16.41 per bushel, with most of the gains occurring before the end of the trading session.

Russia is currently the world’s largest producer of wheat, while Ukraine is the globe’s fourth-largest producer. Therefore, these tensions are riling up financial markets, with commodities joining the volatility. Any military conflict could easily disrupt the agricultural commodities market.

This comes as Russia announced that its new wheat export tax would be $91 per metric tons.

On the data front, according to the US Department of Agriculture (USDA), private exports of soybeans to China for the 2022-2023 marketing season totaled 132,000 tons. The USDA also reported that US soybean export inspections in the week ending Feb. 17 totaled more than 975,000 tons.

After experiencing a serious drought, Brazil, the world’s biggest soybean producer, is going through significant rainfall that is hurting the quality of its crops.

Meanwhile, China’s National Food and Strategic Reserves Administration (NFSRA) confirmed that it would sell a portion of its soybeans from state reserves to increase supplies in global markets.

In other agricultural markets, March corn futures surged $0.2125, or 3.26%, to $6.74 per bushel. March coffee futures were relatively unchanged at $2.47 per pound. March orange juice futures slipped $0.01, or 0.74%, to $1.349 per pound.