Wheat climbs 5% after Russia suspends Black Sea pact

Chicago wheat futures jumped almost 5% on Monday as Russia's withdrawal from a Black Sea export agreement raised concerns over global supplies.

The December wheat contract on the Chicago Board of Trade (CBOT) was up 4.71% at $8.76 a bushel.

On October 29, Russia suspended participation in the grain deal, explaining this by an attack in Sevastopol on ships that were involved in ensuring the security of the 'grain corridor'. According to the Russian Defense Ministry, one of the drones could have been launched from a civilian ship "chartered by Kyiv or patrons from the West to export agricultural products from the seaports of Ukraine."

On October 30, there was no movement along the humanitarian corridor as part of the grain deal, but six ships left the ports of Ukraine. The UN, Turkiye and Ukraine have agreed on a schedule for the movement of ships, which are now transporting 186,400 tons of grain and other food.