Global prices for wheat and corn soared Tuesday after a major dam in Ukraine collapsed, renewing market fears about the fragility of the country's ability to ship food to Africa, the Middle East and parts of Asia as it fights a war with Russia.
Wheat prices gained 2.4% in early trading Tuesday on the Chicago Mercantile Exchange, to US $6.39 a bushel. The cost of corn rose more than 1%, to US $6.04 a bushel, and oats gained 0.73%, to US $3.46 per unit. Prices were higher earlier in the day but faded.
Russia briefly pulled out of the deal last year, has threatened to leave again, is accused of slowing shipments from Ukraine and has only agreed to renew the deal for two months at a time. The collapse has threatened drinking water supplies, with officials also warning of a looming environmental disaster -- pointing to oil escaping from the dam machinery and significant flooding.
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