COM - Wheat futures give up this week's gains as Russia returns to export deal

Wheat futures plunged in the U.S. and Europe on Wednesday after Russia said it would resume its participation in a deal to export grain from Ukraine via the Black Sea, a reversal of its decision a few days earlier to exit the agreement.

On the Chicago Board of Trade, wheat for December delivery ( W_1:COM ) settled -6.3% to $8.46 per bushel, and December corn ( C_1:COM ) closed -1.5% to $6.87 1/2 a bushel, but January soybeans ( S_1:COM ) ended +0.4% to $14.54 per bushel.

Wheat also fell in Europe, where the benchmark December contract on Euronext settled -4.6% at €341.25/metric ton.

ETFs: ( NYSEARCA: WEAT ), ( CORN ), ( SOYB ), ( NYSEARCA: DBA ), ( MOO )

Russia's return to the Black Sea grain export corridor deal removes part of the risk premium for exporters, so wheat lost what it had gained over the past few days, Agritel's Arthur Portier told Reuters, but "we still don't know whether the deal will be extended later this month, so uncertainty remains."

Grain traders expect Russian President Vladimir Putin may use the coming expiration date of the deal as leverage in negotiations , including at the G20 Summit in Bali later this month.

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