Wheat prices rose after Russia warned of shipments from Ukraine Following Russia's declaration that it would view ships attempting to en...
Wheat prices rose after Russia warned of shipments from Ukraine
Following Russia's declaration that it would view ships attempting to enter Ukrainian ports as a potential military strike, wheat prices have skyrocketed on global markets.
This week, Moscow withdrew from a deal to export grain to the international market after previously promising to ensure its delivery via the Black Sea.
The White House spokesperson claimed that Russia intended to hold Ukraine responsible for the attack on civilian ships.
Vladimir Putin, the president of Russia, stated that he will revisit the grain agreement, but only if his conditions are honored.
One of the demands is for the Russian Agricultural Bank to once again participate in the global payment system.
An unidentified number of persons were murdered in a Russian aircraft raid on the Ukrainian port of Mykolaiv on Wednesday night, a local official reported. There were also reports of airstrikes on the Odessa port.
Volodymyr Zelensky, the president of Ukraine, charged Russia with purposefully targeting grain shipments and endangering weaker nations after bombings this week near Odesa.
To secure the safe passage of cargo ships, the Kyiv government has requested intervention from neighboring Black Sea nations.
On Wednesday, the price of wheat on the European Stock Exchange increased by 8.2% to 253.75 euros per tonne, while the price of corn increased by 5.4%.
On Wednesday, wheat prices in the US increased by 8.5%, reaching their highest level since the Russian invasion of Ukraine.
According to Ukraine's Minister of Agriculture, Mykola Solskyi, the aircraft strike on the nation destroyed 60,000 tons of grain in addition to a large portion of the equipment utilized to export grain.
Tuesday morning, just after pulling out of the grain agreement, Russia started assaulting Ukrainian ports.