Wheat prices dipped to a five-month low on Friday thanks to a grain deal sealed between Russia and Ukraine fueling hopes to ease the global food crisis triggered by the war.

The price of wheat decreased by over 3% on a daily basis to the level before the onset of Russia's war on Ukraine, hitting $7.8 per bushel.

Türkiye, the UN, Russia, and Ukraine signed a grain corridor deal in Istanbul to resume Ukraine’s Black Sea grain exports.

A corridor from the Ukrainian port city of Odesa will be re-opened for global grain shipments which are stuck due to the war, now in its fifth month.