Wheat spikes as Russia reneges on Black Sea deal
Wheat prices spiked after Russia said it was pulling out from a wartime agreement to allow grain exports from Ukraine, one of the world’s biggest producers, through the Black Sea.
Chicago wheat futures, a global bellwether for wheat pricing, soared 7 per cent early Tuesday AEST, hitting a two-week high on the back of the news. Prices steadied in the afternoon at around $US6.50 a bushel after falling 1.8 per cent earlier in the day.
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