Wheat futures soared nearly 8 percent on Monday after Russia withdrew from a grain export deal with Ukraine following an attack on ships involved in securing the trade route through the Black Sea.
Chicago wheat futures rose 5.5 percent to $8.75 per bushel on Monday after hitting a high of $8.93 at the start of trade. Corn increased by 2.2 percent a bushel, while soybeans added 1 percent to $14.13, reports RT.
On Saturday, Moscow halted its compliance with the deal after a drone attack on vessels of the Russian Black Sea Fleet involved in providing safe passage for agricultural cargo. Kiev neither confirmed nor denied carrying out the assault, calling Russia’s decision “primitive blackmail.”
On Monday, the Joint Coordination Centre (JCC) in Istanbul said the UN, Türkiye and Ukraine had agreed on a movement plan for 16 vessels that are located in Türkiye's territorial waters despite Russia’s decision to suspend the deal.