Cost of wheat rose 3% to $6.80 a bushel, following the Russian government's announcement that it is terminating the Black Sea grain deal with Ukraine, News.az reports citing CNN.

The benchmark wheat contract — the contract for a particular product that most traders of that item will look to in order to price their own contracts — hiked early Monday, according to the Chicago Board of Trade.

Futures prices are still down 52% from their all-time high hit in early March 2022.

The agreement brokered by the United Nations and Turkey with Moscow and Kyiv in June 2022 allowed for the safe passage of grain exports from southern Ukraine into the global market.