TOKYO -- Food prices could soar even higher if conflict were to break out between Russia and Ukraine, top producers of corn and wheat that are a staple to billions around the world, and raise the specter of runaway inflation and political instability in the Middle East.
Corn futures on the Chicago Board of Trade, an international benchmark, now hover around $6.20 per bushel for near-term contracts, marking a gain of more than 10% from a year earlier. Wheat futures on the same exchange are trading 20% higher at approximately $7.60 a bushel.
