Wheat prices rise almost 6% after Russia pulls out of grain export deal

The most-active wheat contract on the Chicago Board of Trade jumped 5.8% to $8.77-1/2 a bushel around midnight London time, according to Reuters, after earlier hitting a high of $8.93 a bushel. Corn and soybean prices also rose.
The increases come after Russia announced Saturday that it was suspending its involvement in the Black Sea Grain Initiative that was brokered in July and which allowed vital agricultural products to be exported from several Ukrainian ports.
Russia announced Saturday that it was withdrawing from the deal for an indefinite period after it accused Ukraine of a "massive" drone attack on the Black Sea Fleet in Sevastopol in Crimea.
Ukraine has not said whether it was responsible for the attack. President Volodymyr Zelenskyy said Russia's withdrawal from the initiative was "rather predictable" and the global food crisis would worsen. $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Teucrium Wheat Fund ETV (WEAT.US)$ $Teucrium Wheat Fund ETV (WEAT.US)$