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Wheat prices rise nearly 8% after Russia pulls out of deal allowing grain shipments from Ukraine
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Wheat prices rose as much as 8 percent yesterday after Russia withdrew from a deal that allowed grain shipments from Ukraine to reach global markets.
Both countries are major global suppliers of wheat, barley and sunflower oil, with countries in Africa, the Middle East and Asia in particular depending on them.
The market was disrupted by the Russian invasion of Ukraine earlier this year.
Ships carrying grain still departed from Ukrainian ports yesterday, suggesting Russia had stopped reimposing a blockade
But a UN-brokered deal in the summer allowed safe passage for ships carrying grain from Black Sea ports, with more than 9 million tons of supplies being carried.
But the Kremlin suspended its participation in the deal this weekend in response to what it called a major Ukrainian drone strike on its fleet.
Ships carrying grain were still departing from Ukrainian ports yesterday, suggesting that Russia had stopped re-imposing a blockade.
But shipments could be interrupted again if the deal collapse means insurers stop insuring them.