(NDAgConnection.com) – Wheat futures are expected to leap on Monday as Russia’s withdrawal from a Black Sea corridor agreement puts Ukrainian exports at risk, analysts said. Reuters reports that Moscow suspended its participation in the Black Sea deal on Saturday, in response to what it called a major Ukrainian drone attack on its fleet in Russian-annexed Crimea.

Kyiv said Russia was making an excuse for a prepared exit from the accord while Washington accused Moscow of weaponising food.

Wheat markets have been very sensitive to developments in Moscow’s eight month-old invasion of Ukraine, as both countries are among the world’s largest wheat exporters. Ukraine is also a major corn supplier.

The establishment of the corridor, which allowed over 9 million tonnes of grain and oilseed commodities to be shipped from Ukrainian ports, helped to steady grain markets and curb global prices after they hit record levels.

That relative calm is likely to end when Chicago and Paris wheat, the world’s two most-active wheat futures contracts, start their trading week on Monday.

Purchasing of grain for Black Sea ports in Ukraine has stopped following Russia’s decision, a Ukrainian broker said.

Ukraine’s infrastructure ministry said on Sunday 218 vessels were “effectively blocked” by Russia’s decision to suspend its participation in the grain export deal.

The corridor suspension could trigger a buying rush in Chicago, where investment funds have a net short position.