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Wheat Surges as Russia Warns on Ship Safety After Ditching Deal

  • Wheat futures jumped as much as 7.7% earlier on Monday
  • Moscow says shipments become ‘much riskier’ without it
Bloomberg business news
WATCH: Wheat prices soared after Russia’s announcement that it was suspending its involvement in a deal to keep seaborne grain exports flowing from Ukraine. Marc Champion reports.Source: Bloomberg
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Wheat prices soared after Russia suspended a deal guaranteeing safe passage of Ukrainian exports, with Moscow warning that shipments become “much riskier” without its participation.

While grain vessels are still sailing from Ukraine’s Black Sea ports, it’s unclear how long that will last after Russia’s weekend suspension. Deliveries of Ukrainian crops to port are grinding to a halt amid the uncertainty.