Potential Russia supply hit causes wheat prices to surge to their highest levels since 2008.

• As Russia's invasion of Ukraine progressed, the cost of wheat reached its peak in over a decade.
• The high of the session was 984 cents per bushel for wheat futures.
• The commodity traded “limit up.”
• JPMorgan reports that Russia is the largest exporter of wheat and Ukraine is one of the top four exporters of the grain, making them significant players in the global wheat market.

On Tuesday, the price of wheat reached its highest level in over a decade due to concerns about global supply disruption resulting from Russia's invasion of Ukraine.

On Monday, satellite imagery showed that a convoy of Russian military vehicles was moving towards Kyiv, Ukraine's capital city.

The price of wheat settled at 984 cents per bushel, which is the highest since April 4, 2008, when it reached 985.5 cents per bushel.

The price of a commodity was allowed to increase to its maximum amount in a single day.

JPMorgan reports that Russia is the largest exporter of wheat and Ukraine is one of the top four exporters of the grain, making them significant players in the global wheat market.

According to Bank of America, 17% of the international wheat trade originates from Russia and 12% from Ukraine.

According to JPMorgan's Marko Kolanovic, wheat and corn are the agricultural markets that are most vulnerable to any increase in tension.

On Tuesday, corn futures trading was halted as the price of corn settled 5.07% higher at 725.75 cents per bushel, which was their highest level since May.

— CNBC’s Pippa Stevens contributed to this report.