Wheat prices have soared as the global economy begins to feel the impact of Russia's withdrawal from the Ukraine grain deal on Monday.
Prices on the European stock exchange jumped by 8.2 percent on Wednesday from the previous day, reaching 253.75 ($284) per tonne, while corn prices rose by 5.4 percent.
Meanwhile, US wheat futures jumped 8.5 percent, marking the highest daily rise since just after the Russian invasion of Ukraine in 2022.
On Monday, Russia said it had officially notified Turkey, Ukraine, and the UN that it was against extending the Black Sea grain export deal.
The move is likely to have a deeply negative impact on the Middle East and North Africa, which is heavily reliant on Ukraine for wheat.
Prior to the war, Egypt had relied on Russia and Ukraine for 80 percent of its wheat.
The deal - which was broke...