The uprising by the Wagner group of mercenary soldiers that took place at the weekend in Russia, one of the world's largest grain exporters, has led to a surge in world wheat prices. Any possible disruptions in shipments from Russia, which is expected to be the world's wheat export champion this season and the next, may cause a significant impact in the market balances.

While the impact of the invasion of Ukraine on the grain markets continues, this time a military rebellion within Russia has caused prices to move upwards in the world stock markets. The uprising launched against the Russian army by Yevgeny Prigozhin, the leader of the mercenary group Wagner, pushed the wheat bushel price to $7.5625 on the Chicago stock exchange.

After the rebellion, Wagner's members reached within a few hours of the capital Moscow. After an agreement was reached to end the uprising, Prigozhin agreed to end the movement and go into exile. Wheat futures in Chicago climbed 1.3 percent to $7.5625 a bushel as market participants incorporated the crisis in Russia into their pricing.

Any possible disruptions in shipments from Russia, which is expected to be the world's wheat export champion this season and the next, may cause a significant impact in the market balances.

Erik Meyersson, strategist at Sweden's SEB AB, said the first-order risks to global markets now appear much more limited as Putin appears to be in control, but there are risks that the Ukraine grain deal could be extended further.