Global wheat prices increased as a result of the conflict between Russia and Ukraine.

After Russia pulls out of a crucial export agreement with Ukraine, wheat prices increase by over 6%.

The increases follow Russia's announcement that it would not participate in the Black Sea Grain Initiative, which had permitted the shipment of essential agricultural items from many Ukrainian ports.

The Chicago Board of Trade's most active wheat contract increased 5.8% to $8.77 per bushel.

According to the foreign ministry of Ukraine, Russia is preventing 176 ships carrying two million tonnes of grain from leaving port.

Anatoly Antonov, Russia's ambassador to the United States, has retaliated against Washington's claims that Moscow is aggravating the world food crisis.

Moscow has refuted this and charged Ukraine with stealing its territorial seas, obstructing the secure shipment of agricultural products like wheat.

Analysts believe that Russia's decision to pull out of the agreement is bad news for inflation predictions or the price of food commodities globally.

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