Grain prices crawl up again: How Russia provokes a rise in grain price

Grain in the world markets again rises to the background of an unstable situation with exporting Ukrainian agricultural products and a new incident in the Black Sea. The cost of wheat went up on the morning of August 14, 2023 after the incident in the southwestern part of the Black Sea with the participation of the Russian military and foreign cargo ship Sukru Okan, which was heading to the Ukrainian port of Izmail. According to Bloomberg, futures responded to increasing tension on a key waterway.

Yes, futures were added to a price of 1. 2% to $ 6. 56 for the bushel after the decline, which was recorded on Friday, August 11. Then the bushel of wheat fell by 1. 5%. Meanwhile, according to journalists, the US Department of Agriculture has increased the assessment of Russian wheat supplies to 48 million tons per 2023/2024. That is, about a quarter of world wheat trade will now fall in Russia.

The publication also states that the supply of grain to the Black Sea is threatened after the expiration of the Agreement, which allowed the safe passage of ships exporting Ukrainian grain and other foods from the ports of the Greater Odessa. We will remind, on August 13 the Ministry of Defense of the Russian Federation reported that it stopped the movement of a foreign ship in the Black Sea, which was heading to the port of Izmail in the Odessa region.

At the same time in the Russian department said that the military had warned shots into the air to stop the ship. After stopping the helicopter of the Russian troops Ka-29 allegedly landed on his board, and the Russians conducted an inspection. But all this information was false. As reported in InformNapalm, the Russians only threatened the ship's crew. The ship then temporarily changed the course in the direction of the coast in the territorial waters of Turkey.