On Monday, Chicago wheat futures soared almost 6%, and corn climbed more than 2% after Moscow’s withdrawal from a Black Sea corridor agreement puts Kyiv’s export at risk.

The most active wheat contract on the Chicago Board of Trade was up 5.7% at $8.77-3/4 a bushel at 0816 GMT after hitting $8.93 earlier in the day, registering the highest since October 14. Wheat futures smashed a record high of $13.64 a bushel in March. Corn rose 2.6% to $6.98-1/4 a bushel, and soybeans added 0.6% to $14.09-1/4 a bushel.

On Sunday, Russia stepped out of the Black Sea agreement in response to a major Ukrainian drone attack on a naval ship in Crimea. After the withdrawal of Russia, wheat booked for delivery to Africa and the Middle East is at risk, with Ukrainian corn exports to Europe also expected to be hit, according to the officials.

On Monday, The UN (United Nations), Turkey, and Ukraine informed that they are pressing ahead on the grains export deal with a transit plan for sixteen ships. As per the UN-brokered grains deal, a Joint Coordination Centre (JCC) comprising United Nations, Russian, Turkish, and Ukrainian officials approves the movement of ships and inspects the vessels. Since July, more than 9.5 million tons of wheat, corn, sunflower products, rapeseed Soya and Barley have been exported from the Black Sea. Amid the Russa-Ukraine war, the grain market has been sensitive to development as the two countries are among the world’s largest suppliers of wheat.