Wheat prices rose sharply against the backdrop of escalating tensions in the Black Sea, — Bloomberg
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Wheat prices posted their biggest jump in six months amid escalating tensions in the Black Sea after Moscow said two drones had attacked the Kremlin. This is reported by RBC-Ukraine with reference to Bloomberg.
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What’s happened
As the agency notes, the aggravation occurred at a difficult time for the future safe corridor, allowing Ukraine to export crops through the Black Sea.
According to Turkish media reports, on Friday the deputy defense ministers of Turkey, Russia and Ukraine are to discuss the extension of the agreement, which, according to Moscow, expires on May 18.
Russia will hold talks with UN representatives in Moscow on the same day, the Russian Foreign Ministry said.
Since July, within the framework of the agreement, almost 30 million tons of crops have been sent to the world market, with China being the main destination, followed by Spain and Turkey. About half of the shipments of corn make up about a quarter of the cargo, and about a quarter of wheat.
The outbreak of tension was enough to provoke a surge of purchases on the wheat market. Before that, prices fell to a two-year low against the backdrop of favorable crop prospects in the northern hemisphere, where most of the world’s wheat is grown.
The drone attack has renewed concerns about global wheat supplies and raised concerns among traders that the recent selloff may have gone too far, Farm Futures analyst Jacqueline Holland said by email.
Chicago wheat futures rose 1.2% to $6.475 a bushel. The day before, prices jumped by 5%.
Let’s remind
On May 5, negotiations between Ukraine, Turkey and Russia on the grain agreement are expected in Istanbul. The absence of positive results of the meeting may lead to the termination of the corridor.
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Source: Ministry of Finance
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