What is Russia’s warning that lifts Wheat prices globally?
Wheat prices have increased sharply on international markets after Russia said it would treat vessels heading for Ukrainian docks as potential military targets.
This week, Moscow pulled out of a pact that had ensured safe passage for grain freight through the Black Sea.
Wheat prices rose as Russia has a warning:
A White House representative blamed Russia for planning to condemn Ukraine for attacks on civilian vessels. Russia’s President Vladimir Putin stated he would immediately return to the grain deal if his demands were met.
They comprise reconnecting Russia’s agricultural bank to an international payment system. According to a local officer, a Russian air strike on the Ukrainian harbour city of Mykolaiv injured 18 people on Wednesday evening.
The province’s governor Vitaliy Kim said nine wounded, including five kids, were treated at the hospital. Other air attacks were reported on the port of Odesa.
A Russian-backed officer said that an air strike in Russian-controlled Crimea killed a teenage girl.
Following earlier air strikes near Odesa this week, Ukraine’s President Volodymyr Zelensky blamed Russia for intentionally targeting grain export infrastructure and putting vulnerable nations at stake.
Kyiv insisted other nations in the Black Sea region intervene to ensure cargo ships’ safe passage.
“From 00:00 Moscow time on 20 July 2023 [21:00 GMT Wednesday], all vessels sailing on the Black Sea to Ukrainian ports will be regarded as potential carriers of military cargo,” the Russian defence ministry stated. “Flag states of such vessels will be considered involved in the Ukrainian conflict on the side of the Kyiv regime,” it said.
Wheat costs on the European stock exchange skyrocketed 8.2% on Wednesday from the last day to €253.75 (£219.78) per tonne, while corn prices were lifted by 5.4%.
US wheat futures soared 8.5% on Wednesday, their highest daily peak since only after Russia invaded Ukraine. Ukrainian Agriculture Minister Mykola Solskyi said drones had destroyed 60,000 tonnes of grain and damaged many parts of grain export infrastructure.
