2023-09-17 19:11:07
Fears of the repercussions of Russian attacks on wheat prices
Analysts expect that Russian attacks on the main Ukrainian grain export port of Odessa will lead to a rise Wheat futures prices Futures on US and European stock exchanges.
According to data from the US Chicago Commodity Exchange, following wheat prices calmed on Thursday, wheat futures returned to the rise over the weekend. Wheat prices on the Chicago Stock Exchange ended trading higher on Friday by 7 to 10 cents, with December contracts rising by 8 cents during the week.
According to data from the Chicago Commodity Exchange. Futures rose by double digits and posted a net gain of 15 cents for the week’s move. Spring wheat futures also closed higher. Global grain markets, especially wheat futures, are concerned regarding the continuation of Russian attacks on wheat warehouses and farms in Ukraine.
The Ukrainian Air Force said via the Telegram application on Sunday that Russia launched a drone and missile attack on Ukraine early Sunday morning, targeting mainly the southern parts of the Odessa region and hitting an agricultural facility. A grain silo and agricultural fields were damaged as a result of the attacks. Russia had suspended the grain agreement between it and Kiev, which allowed the export of Ukrainian grain to countries around the world.
Grain markets are closely monitoring the situation in Odessa and its ports, as Kiev said on Saturday that two cargo ships that arrived in Ukraine used a temporary corridor to sail to Black Sea ports and load grains for African and Asian markets.
In the same regard, the Romanian Minister of Transport announced a plan to double the Ukrainian grain transport capacity to 4 million metric tons. For his part, the Ukrainian Minister of Agriculture announced that the wheat harvest so far reached 22.15 million metric tons as of the middle of this month, an increase of 15.4% over the same production last year.
Canadian wheat production was expected to reach 29.835 million metric tons, according to Canadian government data reported by the American Bar Chart bulletin on Friday, indicating that wheat production this year was affected by drought in the Canadian prairies.
Last month, Ukraine announced a “humanitarian corridor” in the Black Sea to allow the sailing of ships stuck in its ports since the start of the war in February 2022 and to avoid the actual blockade imposed on it following Russia’s withdrawal from the grain agreement that allowed it to export through the port of Odessa.
(Archyde.com)
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