"Escalating Russia-Ukraine tensions send wheat prices skyrocketing"

Wheat prices surged by nearly 9% as tensions between Russia and Ukraine escalated, with Russia pulling out of a crucial deal allowing the export of grain from Ukraine. The move threatens to push up food prices globally and could lead to increased food insecurity. The Black Sea Grain Initiative, which ensured the safe passage of grain shipments from Ukrainian ports, expired as Russia refused to renew the pact, citing its failure to meet its intended purpose. The collapse of the deal has significant implications, as Ukraine was previously the fifth-largest wheat exporter worldwide.