Wheat futures surged to kick off the trading week, hitting their best levels since earlier this month. Wheat prices are still poised for a monthly loss, but they remain trending higher at a significant pace this year. Will wheat prices touch $9?

December wheat futures advanced $0.4575, or 5.52%, to $8.75 per bushel at 13:39 GMT on Monday on the Chicago Board of Trade (CBoT). Wheat prices will post an October decline of 4%, but they are up nearly 14% year-to-date.

The agricultural commodity rallied on Russia announcing it would suspend its participation in the Black Sea Grain initiative. This agreement allowed the movement of crucial agricultural products to be exported from several Ukrainian ports.

Moscow confirmed it was withdrawing from the deal for an independent period after accusing Kyiv of a “massive” drone attack on the Black Sea Fleet in Sevastopol in Crimea. Ukraine has yet to confirm or deny any responsibility for the attack.

Market analysts warn that Russia’s decision to step back from the pact does not bode well for global food commodity prices or inflation expectations. This is especially true for developing markets that rely tremendously on food shipments from Eastern Europe.

“This puts serious downside risk to the previous conclusion related to the capped flow potential of Ukraine grain flows,” said esper Buhl, an analyst at Bull Positions, in a note. “These rumbling are likely to continue in the coming weeks, also influenced by any material changes on the battlefields, and add uncertainty to the continuation of the current grain corridor agreement and the continued flows of grains from Ukraine to the rest of the world.”

Put simply, global investors need to brace for greater uncertainty heading into 2023.

In other agricultural commodities, December corn futures added $0.1375, or 2.02%, to $6.945 a bushel. December soybean futures picked up $0.06, or 0.43%, to $14.0625 per bushel. December coffee futures climbed $0.0645, or 3.8%, to $1.7625 a pound.