Wheat prices head for biggest single-day gain since Russia invaded Ukraine after fresh attacks on key grain facilities
Wheat prices turned sharply higher Wednesday following Russia's attack in the port of Odesa and Moscow's decision to back out of a key trade agreement that had allowed Ukraine exports safe passage in the Black Sea.
In Chicago, soft-red winter wheat futures added about 8% to trade at $7.25 a bushel, while hard-red wheat jumped 5.2% to hit $8.70 a bushel.reported earlier this week that the Kremlin will only rejoin the Black Sea export agreement if certain demands were met. Moscow had threatened to pull the plug on the deal multiple times before, but now wants the West to step in and facilitate food and fertilizer exports amid sanctions.
Now, last year's fears are swirling once again that global food security could be at risk, as Ukraine boasts some of the most important trade routes in the world for wheat and other grains. The now-suspended deal allowed Ukraine to export more than 32 million tons of food.
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