Wheat price hits maximum level due to Russian attacks on Ukrainian ports
Massive Russian attacks on Ukrainian ports have provoked a jump in wheat prices. The world is concerned about what will happen to grain supplies in the near future.
This is reported by Reuters.
As it became known, in Chicago wheat futures reached their five-month high. Overall, the price rose by 2%. On the Chicago exchange a bushel costs $7.77, which was the highest since February 2023.
The reason for the surge was Russian attacks on Ukraine's grain infrastructure and ports. The international community has concerns about long-term global supply and food security.
The slowdown in Ukrainian exports has been priced into the market and buyers are waiting to see what happens to Russian wheat exports,'' said a Singapore-based grain trader.
Any restrictions on the movement of Russian vessels would affect the price of wheat, he said.
Corn also rose in price, up 0.1 per cent to $5.69 a bushel. But soya beans on the contrary lost 0.1% to $14.23 per bushel.
Recall, after the Russian shelling of the Odessa region in the port "Chernomorsk" was destroyed 60 thousand tonnes of grain, which was intended for delivery abroad. In total, according to the UN, during the active shelling of the Russian Federation destroyed 24 million tonnes of Ukrainian food.
The mass media also noted that the constant attacks on the Ukrainian grain infrastructure threaten the world with food shortages. Problems have already been recorded in India and China.