Wheat Prices Soar After Russia Suspends Grain Corridor Agreement

After Russia suspended the Grain Corridor Agreement with Ukraine on October 29, wheat futures at the Chicago Board of Trade (CBOT) rose 7.7%, the highest level in the last two weeks. The wheat futures price first went up to USD 8.93 per bushel, then dropped to USD 8.79 per bushel. Most food prices increased at the beginning of W44 following Russia's decision to withdraw. This includes corn futures prices, which rose 2.8%, and soybean oil prices, which rose 3%.