Wheat Prices Soar As Russia Suspends Black Sea Grain Deal

Wheat prices jumped as news broke Monday that Russia let the UN-brokered grain deal lapse at midnight, Istanbul time, marking the end of the Turkey-administered humanitarian corridor which let Ukrainian grains get exported to global markets. Russia since confirmed the deal has been "terminated". What was formally called the Black Sea Grain Initiative had already been extended for multiple short increments since its implementation in July 2022. The Kremlin confirmed in a statement by Dmitry Peskov: "The Black Sea agreements ceased to be valid today.…