After Russia announced the discontinuation of its participation in the Black Sea Grain Deal, trading data revealed that wheat prices skyrocketed on Monday.

Chicago Mercantile Exchange's August futures increased 4.24% to $6.89 a bushel just minutes after the news. The increase did subside later with the futures trading up 2.9% close to midnight.

Besides wheat, corn and soybeans futures also increased.

This comes after Dmitry Peskov, the Kremlin spokesperson, announced that the agreements underlying the contentious Black Sea Grain Deal have been "terminated", adding that it will return to the agreement as soon as all parties involved take the previously agreed-upon procedures.

Read next: Agriproduct exports halt as West fails to meet grain deal terms

Ankara lamented Russia's decision to suspend the grain deal and said will assist in removing barriers to Russian food exports, a source involved in Black Sea grain initiative negotiations told Sputnik on Monday.

On June 13, the UN declared that it was aiming to extend the grain deal for another two months at the least, as its expiration was July 17, Monday. 

The UN-brokered deal, signed by Turkey, Russia, and Ukraine on July 22, 2022, was set to expire today after awaiting an extension aimed to provide a humanitarian maritime corridor for ships transporting agriproducts to sail from Ukrainian Black Sea ports.

Earlier, international watchdogs have repeatedly warned that the lion's share of the food produce was delivered to the West, while poor countries combined received less than one-third of exports.

Food prices have surged around the world, increasing concerns of famine in poor countries due to the war in Ukraine, which, along with Russia, is one of the world’s leading grain producers.