Wheat prices approached a three-year high due to strikes on Black Sea ports — FT
Kyiv • UNN
Wheat futures rose due to disruptions at Ukrainian and Russian ports. This could reduce global supplies by 86 million tonnes.
Global wheat prices have risen to nearly a three-year high amid strikes on Black Sea infrastructure. This is reported by the Financial Times, according to UNN.
Details
It is noted that benchmark wheat futures have approached their highest levels in nearly three years. Thus, the market is responding to increasingly severe disruptions in export logistics, particularly following strikes on Ukraine's largest port on the Danube and Russian terminals in Novorossiysk over the past two weeks.
Russia is the world's largest grain exporter, while Ukraine ranks fifth. Together, the countries account for around 30% of global wheat exports
It is indicated that disruptions to the operation of ports in the Sea of Azov and the Black Sea could reduce global grain supplies this year by 86 million tonnes, or about 17% of global exports. Of this, 52 million tonnes are accounted for by Russia, and a further 34 million tonnes by Ukraine.
To remind you
According to Bloomberg, due to Russian attacks on Black Sea ports, Ukraine's agricultural exports could fall by 54% to 29.6 million tonnes.
This season, Ukraine reduced wheat exports but increased corn exports12.08.26, 17:03 • 17903 views