Wheat futures return to their April 2021 highs before the price went parabolic re: Russian invasion of Ukraine in February 2022. Any political destabilization in Russia may have a drastic spill over effect on wheat and grain prices.

The wheat price (futures) is returning to its 2021 highs of $7.46 a bushel, before the price skyrocketed to $13.63 February 2022 when Russia invaded Ukraine.  With the Black Sea grain deal already on shaky ground.  The recent failed coup in Russia and the now after shocks of any political destabilization, economically, if Russia is to descend into chaos it would be very unlikely that a proxy government and/or leadership would align with the West and Ukraine.  In fact the spill over from Russian instability, would effect the already inflated food/wheat markets.