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By Canadian Press

Wheat futures jump as Russia pulls out of Black Sea agreement

Oct 31, 2022 | 3:32 PM

CALGARY – Experts say spiking wheat prices on Monday are the result of Russia’s withdrawal from the UN-brokered Black Sea grain agreement over the weekend

Wheat futures prices jumped close to six per cent Monday morning on the news that Russia would reinstate a blockade preventing wheat shipments from leaving Ukraine ports.

The move has intensified fears about global food security.

The grain agreement has allowed more than nine million tonnes of grain in 397 ships to safely leave Ukrainian ports in spite of the ongoing war in that country.

It has also brought down global food prices about 15 per cent from their peak in March

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But experts say it’s too early to know whether the price spike is a short-term reaction, or the start of a longer, more sustained increase in wheat prices.

This report by The Canadian Press was first published Oct. 31, 2022.

The Canadian Press