Wheat prices jumped as news broke Monday that Russia let the UN-brokered grain deal lapse at midnight, Istanbul time, marking the end of the Turkey-administered humanitarian corridor which let Ukrainian grains get exported to global markets. Russia since confirmed the deal has been "terminated". According to the latest from Moscow, as well as the US reaction:

Russian U.N. Mission: No more talks planned on black sea grain deal, Russia's decision to withdraw is final — RIA

RUSSIA TELLS UN SHIPPING AGENCY IMO THAT END OF BLACK SEA GRAIN DEAL MEANS 'GUARANTEES FOR SAFETY OF NAVIGATION ISSUED BY RUSSIAN SIDE WILL BE REVOKED' - LETTER EXCERPT SEEN BY REUTERS

RUSSIA ALSO TELLS IMO THAT 'PROACTIVE NECESSARY ACTIONS AND RESPONSE MEASURES TO NEUTRALIZE THREATS POSED BY THE KIEV REGIME IN THE AREA WILL BE TAKEN' - LETTER EXCERPT SEEN BY REUTERS

U.S. ENVOY TO U.N. SAYS RUSSIA ENDING BLACK SEA GRAIN DEAL AN 'ACT OF CRUELTY'

What was formally called the Black Sea Grain Initiative had already been extended for multiple short increments since its implementation in July 2022. The Kremlin confirmed in a statement by Dmitry Peskov: "The Black Sea agreements ceased to be valid today. As the President of the Russian Federation said earlier, the deadline is July 17."