November 2: Prices of wheat and corn on global commodities markets rose on Monday after Russia pulled out of a deal that had allowed some vital grain exports from Ukraine to pass through the Black Sea despite the war, the CNN reported.

According to the news agency, wheat futures on the Chicago Board of Trade jumped 5.5 percent on Monday to USD 8.74 a bushel. Corn futures were up 2.3 percent to USD 6.96 a bushel.

Palm oil futures trading in Malaysia also rose amid fears of potential impact on exports of Ukraine sunflower oil, Reuters reported.

Ukraine and Russia together account for nearly a third of global wheat exports, the CNN said referring to information from an agricultural data firm Gro Intelligence. The two countries that are at war since February 24 are also among the top three global exporters of barley, maize, rapeseed oil and sunflower oil.

Russia withdrew from the grain deal on Saturday accusing Ukraine and the UK of drone attacks on its fleet in the Black Sea port city of Sevastopol.

In an earlier report, Reuters had said that bakers and noodle manufacturers are replacing wheat with rice.

"Wheat flour prices are almost at par with rice - automatically there will be shifting," Reuters quoted Franciscus Welirang, chairman of the Indonesian Flour Millers Association, as saying.