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Wheat Prices Jump After Russian Missile Strike Tests Ukraine Deal

  • Ukraine is still preparing to resume Black Sea exports
  • Russia said missile strike wouldn’t affect grain-export plans
Updated on

Wheat pared gains as the United Nations said all parties have reconfirmed their commitment to begin shipping millions of tons of grain that has been piling up since Russia’s invasion of Ukraine.

Friday’s agreement involving Russia and Ukraine aims to facilitate exports from three of Ukraine’s Black Sea ports and was hailed as a vital step toward alleviating a global food crisis. Still, Russia’s weekend attack on the port of Odesa served as a stark reminder of the risks for shippers and insurers as the war rages on. Ukrainian officials are still preparing to restart sea exports this week and the UN’s secretary-general said at a Monday press briefing that those involved in the initiative are still committed.