Wheat prices rose for a third straight day on Thursday after the infamous Black Sea Grain Deal collapsed, and ship insurers began withdrawing their cargo protection policies as Russian officials warned to treat ships heading for southern Ukrainian ports as military cargo carriers.

Wheat prices began their unscheduled rally on Wednesday, further rising on Thursday and keeping the upward spiral today for the third consecutive day. The most actively traded wheat contract on the Chicago Board of Trade was last seen trading around 1.8% higher at 738.2 cents per bushel, notching a three-week high.

It follows a jump of 8.5% in the previous session, the biggest daily gain in more than a year, on mounting geopolitical tensions. Wheat prices remain well below the peak levels of 1,177.5 cents per bushel reached in May of last year, however.

Exchange-traded fund (ETF) Teucrium Wheat Fund (WEAT) was tentatively higher this morning following the general trend of its underlying assett.

As it was already outlined, global food commodity futures have been sharply up across the board today, Ukraine's Agriculture Ministry said on Wednesday that 60,000 tons of grain and vital infrastructure had been exposed to perish in the southern port of Odessa and other Ukrainian cities.