Even as Ukraine and Russia work toward a peace deal, Brian Kelly, founder of Brian Kelly Capital and "Fast Money" trader, says that buying Monsanto is the perfect play on the crisis from here in the United States.

Ukraine would be a strategic stronghold for Russia, with its multiple shipping ports with access to the Black Sea. If Russia is able to control all the ports, which Kelly thinks there is a chance of, it will control roughly 30 percent of the wheat market.

"If you have a spike in wheat, you could easily see Monsanto go up another 50 percent." Kelly explained his trade on the stock, "I would buy it right here at $121. Keep your eye on what's going on in Russia, but you're still in a U.S. stock with Monsanto."

Dennis Gartman of The Gartman Letter is skeptical of a big move in wheat, but is not ruling out a strong move in Monsanto. "Monsanto is far more concerned about soybean, cotton and corn than it is upon wheat," said Gartman. "I think there's a greater possibility of corn prices increasing given the seasonal tendencies and that would make it easier to make a bullish case on Monsanto."

Shares of Monsanto are up 10 percent over the past year.

Disclosure: Brian Kelly has no position in Monsanto.