Wheat prices have risen sharply in global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets. Wheat prices at the European stock exchange soared by 8.2 per cent yesterday from the previous day.
While corn prices were up 5.4 per cent. Moscow pulled out of a deal this week that had guaranteed safe passage for grain shipments through the Black Sea.
A White House spokesperson accused Russia of planning to blame Ukraine for attacks on civilian ships. Russia’s President Vladimir Putin said he would return to the grain agreement immediately if his demands are met.
They include reconnecting Russia’s agricultural bank to a global payment system. A Russian air strike on the Ukrainian port city of Mykolaiv killed an unknown number of people last night. Other air strikes were reported on the port of Odesa.
Following previous air strikes around Odesa this week, Ukraine’s President Volodymyr Zelensky accused Russia of deliberately targeting grain export infrastructure and putting vulnerable countries at risk. Kyiv urged other countries in the Black Sea region to intervene to assure the safe passage of cargo ships.