Grain prices surge to record highs amid ongoing Russia-Ukraine conflict.

On Wednesday, wheat futures hit new highs for several years due to the ongoing conflict between major exporters Russia and Ukraine, which is causing concerns about the global wheat supply.

Amid reports that Russian forces have surrounded two key cities in southern Ukraine, commodity market movements are taking place.

On Wednesday, wheat settled at $10.59 per bushel, which was a 7.62% increase and the highest level since March 26, 2008, when wheat traded at $10.9125.

For the second consecutive day, wheat reached the maximum allowed increase in price in a single day.

Wheat prices are currently experiencing a significant change, which could potentially lead to a major food inflation story, as stated by Helima Croft, the head of global commodity strategy at RBC Capital Markets, during an interview on CNBC's "Worldwide Exchange" on Wednesday morning.

According to JPMorgan, Russia is the largest exporter of wheat and Ukraine is one of the top four exporters of the commodity. Bank of America reports that 17% of international wheat trade comes from Russia and 12% comes from Ukraine.

The price of corn, another significant agricultural product of both countries, reached its highest level since December 2012 at $7.4775 per bushel on Wednesday. However, corn futures settled at $7.27 per bushel.