Wheat Climbs Over 5 Percent to 2-Week High as Russia Suspends Black Sea Agreement

A combine harvests wheat in a field near the village of Zghurivka, in the Kyiv region, Ukraine, on Aug. 9, 2022. Viacheslav Musiienko/Reuters

Wheat prices spiked after a Russian announcement that it would withdraw from the Black Sea export agreement, a decision which is expected to have a negative impact on the market.

On Monday, the most active contract on the Chicago Board of Trade (CBOT) rose by 5.7 percent as of 4:16 a.m. EDT, to trade at around $8.77 a bushel. Prices earlier had hit a high of $8.93 a bushel, which is its highest level since Oct. 14. Corn and soybean prices were also up.