Wheat prices in US hit three-week high

Wheat prices in the US on Thursday rose for the third session in a row and reached a maximum level in more than three weeks after Russia left the grain deal, Trading Economics said, Report informs via Interfax.

Quotations of September contracts for wheat in Chicago rose by 1%, up to $7.3525 per bushel. At the end of trading on Wednesday, they jumped by 8.5%, which was the highest daily gain since 2012.

Prices of December futures for corn rose by 0.5%, up to $5.5575 per bushel. At the same time, soybean contracts for November delivery fell 0.2% to $14.0625 a bushel after rising five straight sessions.

The Russian Defense Ministry on Wednesday declared several sea areas in the international waters of the Black Sea temporarily dangerous for navigation.

The Russian military said that due to the termination of the grain deal, the humanitarian corridor in the Black Sea is being curtailed, and from 00:00 Moscow time (GMT+3) on July 20, all ships going to Ukrainian ports will be considered as potential carriers of military cargo.

The grain deal was concluded in Istanbul on July 22, 2022. Two documents on the creation of a corridor for the export of grain from three Ukrainian ports were signed with the participation of the UN, Russia, Türkiye and Ukraine. The initiative was extended in November 2022 for 120 days, until March, and twice more for two months each.