Wheat prices soar as traders remain wary after Odesa port attack

Wheat futures for September on the Chicago Board of Trade were up 3.4 % on Monday as traders remained cautious about the Russia-Ukraine grain export agreement.

Last Friday, Russia, and Ukraine in Turkey signed a UN proposed agreement to allow grain shipments from Black Sea ports.

Russia and Ukraine are both key global wheat exporters, but Moscow's invasion of Kyiv has driven up prices and exacerbated the global food crisis.

But Russia launched a Strike at Odesa port only hours after Kyiv and Moscow signed the historic grain deal.

The attack on Odesa cast doubt on whether the deal would go through or whether all parties would honor the commitments reached in Istanbul. Ukrainian President Volodymyr Zelenskyy called the strike on Saturday an act of barbarism.

Picture Credits: Reuters

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