Grain wheat
© Reuters
After Russia pulled out of the Black Sea grain deal, which allowed the safe passage for Ukrainian grain exports, global wheat prices have exponentially shot up.

On Wednesday, wheat prices on the European stock exchange soared by nearly nine per cent from the previous day to $284 per tonne. US wheat futures saw a jump of 8.5 per cent - the highest daily rise since the war broke out in February last year. Similarly, corn prices were up five to four per cent.

The immediate effect of the suspension is that millions of tonnes of wheat that was bound for Africa and West Asia has been stranded. While the wheat remains stuck, the Russian side has started "deliberately targeting the grain deal infrastructure", according to Ukrainian President Volodymyr Zelensky.


Comment: No, Russia targeting Ukrainian infrastructure critical to its Nazi-aligned, Western backed military, and this is actually in response to the terror attack on the bridge in Crimea that killed a mother and father, whose daughter was also injured.


Experts argue that the domino effect will be reflected in global inflation which had calmed down after a long time.

"Russia's decision to suspend participation in the Black Sea Grain Initiative will worsen food insecurity and harm millions of vulnerable people around the world," said Adam Hodge, a spokesperson for the US National Security Council.


Comment: Not quite, because Russia has already informed those countries in need that it would deliver the grain itself, and, in many cases for free. It's also likely these countries will get more grain than in the previous deal because the West took the majority of the grain for itself, leaving them with 3% or less:


What is the Black Sea grain deal?

Ukraine is one of the world's biggest exporters of food grains, such as wheat and corn, and has played a significant role in the UN's food aid programmes.