Russia agrees to rejoin Black Sea grain deal; wheat futures tumble

Road through wheat field

Toltek/iStock via Getty Images

Russia said Wednesday it agreed to return to the Turkish and U.N. brokered deal that allowed the shipment of millions of tons Ukrainian grain through the Black Sea.

Russia said it received assurances from Ukraine that it would not use the humanitarian maritime corridor for military purposes.

ETFs: (NYSEARCA:WEAT), (CORN), (SOYB), (DBA), (MOO)

Potentially relevant tickers include (ADM), (AGCO), (ANDE), (BG), (CF), (FMC), (MOS), (NTR)

Wheat futures (W_1:COM) traded in Chicago fell ~3.5% on the news, paring some of this week's big gains after Russia said over the weekend it was suspending involvement in the deal.

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