COM - Wheat price pops as missile strike raises doubts over Russia-Ukraine export pact

Wheat prices spiked on Monday after a weekend Russian missile strike on Ukraine's port of Odessa cast doubt about the ability to implement last week's agreement to resume grain shipments from Black Sea ports that have not operated since the start of the war.

According to Reuters, front-month wheat futures ( W_1:COM ) on the Chicago Board of Trade recently were +3.5% at $7.85 1/4 per bushel, after plunging nearly 6% on Friday after the deal was officially announced.

Wheat prices had been lower to reflect the expectation that Russian wheat soon will be widely available to world markets.

Ukraine said it will press ahead with efforts to restart exports and that the first grain shipment under the deal could happen this week.

CBOT front-month corn futures ( C_1:COM ) +2.7% to $5.79 1/2 per bushel and soybean ( S_1:COM ) +1.3% to $13.32 1/2 per bushel.

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

Confidence that the deal actually will be implemented may be helped by Russia's resumption of at least some gas flows on the Nord Stream pipeline .

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