Wheat prices head for biggest single-day gain since Russia invaded Ukraine after fresh attacks on key grain facilities

• Wheat prices on Wednesday were on track for their biggest one-day gain since February 2022.
• On Tuesday, Russia launched missiles at the port of Odesa, one of Ukraine's key grain-exporting hubs.
• Russia this week also backed out of a deal that had ensured safe passage for Ukraine exports in the Black Sea.

Wheat prices turned sharply higher Wednesday following Russia's attack in the port of Odesa and Moscow's decision to back out of a key trade agreement that had allowed Ukraine exports safe passage in the Black Sea.

The missile bombardment targeted critical Ukrainian grain facilities, and wheat prices, while still below last year's record highs, are on pace for their steepest one-day gain since February 2022, when Vladimir Putin first ordered his "special military operation."