Wheat prices rose on Monday shortly after Russian forces struck the southern Ukrainian port of Odesa.
Chicago wheat futures surged as much as 4.6 percent, before dropping to trade 3.1 percent higher at $7.82 1/4 a bushel by 3:21 p.m. in Singapore.
Corn futures rose as much as 2.8 percent on Monday before seeing a decline in gains to 1.4 percent, while soybeans were up just 0.3 percent.
Wheat prices dropped almost 6 percent on Friday after Russia and Ukraine, both of whom are major exporters of grains, reached a deal to allow crucial grain shipments to safely leave three Black Sea ports: Odesa, Pivdennyi, and Chornomorsk.
Those prices have not been seen since before Russian President Vladimir Putin launched his “special military operation” in neighboring Ukraine in February….