On Monday, the ZW surged over 6% after Russia intensified its attack on Ukraine, shelling the capital of Kyiv during the early morning hours.
The escalation comes after a Saturday explosion damaged President Vladimir Putin's strategic bridge - the Kerch Bridge that connects the Russian mainland to annexed Crimea. Russia considers the attack against the bridge a terrorist attack.
Russia s Deputy Chairman of the Security Council Dmitry Medvedev vowed to kill those who are responsible for the attack, saying Russia can only respond to this crime by directly killing terrorists, as is custom elsewhere in the world. Russian citizens expect this, according to a report.
At least four explosions hit Ukraine's capital for the first time in months, raising fears that the war could affect grain exports out of the Black Sea.
Both Russia and Ukraine are key global wheat suppliers, and if the conflict continues to escalate, grain prices could soar, increasing food security issues for many parts of the world.
The Russia-Ukraine grain export deal is about to expire next month, which brings into question whether or not the agreement will be renewed if Russia expands the war outside of the eastern area of Ukraine.
Wheat futures in Chicago tapped $9.496 a bushel just before noon on Monday, reaching the highest price since June 29. Since Aug. 18, Wheat futures have gone up almost 28% since, reversing from a long downtrend that began in May.
You can find me in the BZ Pro lounge! On Aug. 18, ZW reversed course into an upward trend, making a series of higher highs and higher lows on the daily chart.
The most recent higher low was on Friday at $8.72 and the most recent higher high was printed at the high-of-day on Monday.