Prices rose on new risks for Russian grain exports through the Black Sea.
World wheat prices continued to rise after a maritime drone attack on a Russian warship and tanker in the Black Sea. Bloomberg reported this on Monday, August 7.
Today, since the beginning of trading, futures in Chicago have grown by 3.4% – up to 6.545 dollars per bushel. On Friday, prices also closed 1% higher.
The agency notes that Russia transports most of its grain by waterways. This year, he is planning a second consecutive record harvest and will sell it on the world market.
“The danger in the Black Sea is growing every day, and any threat to Russian exports is more serious than the threat to the Ukrainian export corridor,” said Ole Howe, chief executive officer of broker and consultant IKON Commodities.
At the same time, the agency wrote that wheat futures are currently about 20% lower than last year due to the prospect of bumper harvests from major exporters and large global stocks.
Recall that attacks on Russian ships became more frequent after Russia alone withdrew from the grain deal, began shelling Ukrainian ports and tried to organize a naval blockade of Ukraine. The Kremlin brazenly declared that in this way they are trying to replace Ukraine in the grain market.
Russia’s withdrawal from the grain deal has caused world food prices to rise for the first time in a year and a half.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.