Why Russia’s decision to halt grain deal is stirring global inflation worries

Russia’s decision Monday to suspend the Black Sea Grain Initiative led to a short-lived rally in the wheat and corn markets, but concerns over global supplies of key commodities from Russia and Ukraine are set to climb, contributing to uncertainty over global inflation.

Wheat futures had jumped alongside rising prices for corn and soybeans early Monday after Russia said it was pulling out of the international agreement. The deal was brokered by the United Nations and Turkey in July of last year to supply global markets with…