After the grain agreement was not renewed, Russia’s targeting of cargo ships increased wheat prices. Wheat prices in European stock markets increased by more than 8% in one day.
Moscow withdrew from the grain corridor agreement. He then announced that ships bound for Ukrainian ports would be seen as potential military targets.
Wheat prices rose rapidly in global markets.
Wheat prices in European stock markets increased by 8,2% on Wednesday compared to the previous day, while corn prices increased by 5,4%.
US wheat futures also rose 8.5%, the highest daily increase since Russia’s attack on Ukraine.
It is considered essential to reach an agreement with Russia without delay
Experts state that the rise in market prices will not be directly reflected on the consumer.
The spread of the cut in supply over time is considered the biggest factor in the rise in prices. Therefore, it is necessary to reach an agreement with Russia without delay.
Russian President Putin said he would immediately return to the grain agreement if his demands were met.
These demands include lifting sanctions on Russian grain and fertilizer sales and reconnecting Russia’s agricultural bank to a global payment system.
Source: Trthaber / Prepared by Irem Yildiz