KANSAS CITY, MISSOURI, US — Wheat futures recovered losses from Monday’s session and ended sharply higher Tuesday, with some contracts reaching two-month highs. The reversal came after news that war-pressured Russia was planning to annex occupied areas of Ukraine, which may jeopardize the United Nations agreement to allow Ukrainian grain exports through an established Black Sea humanitarian corridor.

Corn and soybean futures firmed on slower-than-expected harvest progress.

December corn advanced 13¾¢ to close at $6.92 a bushel. Chicago December wheat rocketed up 63¼¢ to close at $8.93¾ a bushel. Kansas City December wheat soared 53¼¢ to close at $9.63 a bushel. Minneapolis December wheat jumped 41¢ to close at $9.59¼ a bushel. November soybeans added 17½¢ to close at $14.78¾ a bushel. October soybean meal gained 12.60¢ to close at $450.80 per ton. October soybean oil was up 0.59¢ to settle at 68.59¢ a pound.

US equity markets declined Tuesday ahead of the Federal Reserve’s interest rate increase announcement on Wednesday. Investors processed likely market reactions to rising interest rates as the Fed is expected to continue its hawkish momentum to bring down 40-year high inflation. Dow Jones Industrial Average fell 313.45 points, or 1.01%, to close at 30,706.23. The Standard & Poor’s 500 Index lost 43.96 points, or 1.13%, to close at 3,855.93. The Nasdaq Composite dropped 109.97 points, or 0.95%, to close at 11,425.05.

US crude oil futures pulled back on Tuesday. The November future subtracted $1.42 to close at $83.94 per barrel.

The US dollar index strengthened on Tuesday.

Despite uncertainty in the financial markets, US gold prices were lower again on Tuesday. The October contract lost $6.60 to close at $1,661.00 per oz.