Wheat prices on rise after Russian withdrawal from Black Sea grain deal
Price surge comes after Russia suspends participation in deal, blaming Ukraine for attacks on Black Sea Fleet
Wheat prices gained ground after Russia announced its withdrawal from the Black Sea grain deal, fueling concerns on global supply.
Chicago wheat futures surged 5.99% to a two-week high of $8.78 on Monday. Corn prices also rose 2.63% to hit their highest level in three months at $7 per bushel on Monday.
On Saturday, Moscow suspended its participation in the deal that allowed for the export of Ukrainian grain, accusing Kyiv of attacking its Black Sea Fleet.
The UN, Türkiye, and Ukraine agreed on an Oct. 31 movement plan for 16 vessels in Turkish waters.
On July 22, Türkiye, the UN, Russia, and Ukraine signed a deal to resume grain exports from three Ukrainian Black Sea ports, which were paused after the Russia-Ukraine war began in February.
That deal had eased pressure on wheat prices after a peak of $14 per bushel in March.
Both Russia and Ukraine are among the world's largest wheat exporters.
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