Wheat soars as Russia withdraws from Black Sea export agreement

Chicago wheat futures jumped more than 5 per cent on Monday and corn rose over 2 per cent  following Russia decision to move back from Black Sea export agreement raised concerns over global grain supplies.

The most-active wheat contract on the Chicago Board of Trade (CBOT) jumped 5.5 per cent to $8.75 a bushel as of 0102 GMT_ after earlier hitting a high of $8.93 a bushel.

Corn rose 2.2 per cent to $6.96-1/4 a bushel and soybeans added 1 per cent to $14.13-1/2 a bushel.

Moscow suspended its participation in the UN-backed Black Sea deal on Saturday in response to what it called a major Ukrainian drone attack on its fleet in Russia-annexed Crimea.

Kyiv said Russia was making an excuse for a prepared exit from the accord and Washington said it was weaponising food.

The United Nations_ Turkey and Ukraine said they are pressing ahead on the grains export deal with a transit plan in place for 16 ships on Monday.

Grain markets have been sensitive to developments in Russia's eight-month-old invasion of Ukraine as the two countries are among the world's largest suppliers of wheat.

Wheat futures hit a record high of $13.64 a bushel in March_ a month after Russia-Ukraine war started.