Wheat prices climb nearly six percent after Russia pulls out of Black Sea deal
A combine harvests wheat in the Kherson region, Ukraine
Couple of days after Russia suspended its participation in the grain deal that allowed the export of Ukrainian grain, global wheat prices have shot exponentially shot up, rising nearly six per cent.
Reportedly, Chicago wheat futures, the most active wheat contract on the board stood at $8.77 a bushel on Monday at 0816 GMT which was a jump of 5.8 per cent. It previously touched the high of $8.93 before dropping a touch.
The increase in the prices comes in the backdrop of Moscow's decision which has left Kyiv in the lurch.
As reported by WION, on Saturday, Russia's defence ministry in a telegram post informed about the decision to pull out of the Black Sea deal.
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"In light of the terrorist act carried out by the Kyiv regime with the participation of British experts against ships of the Black Sea fleet and civilian vessels involved in the security of grain corridors, Russia suspends its participation in the implementation of the agreement on the export of agricultural products from Ukrainian ports," read the statement.
WATCH |Gravitas: Russia-Ukraine discuss grain export crisis
The immediate effect of the suspension is that millions of tonnes of wheat that was bound for Africa and West Asia has been stranded.
The western world has accused Moscow of using food commodities, after gas as a means to leverage its position in the ongoing conflict. Meanwhile, Kremlin on Monday released a statement and argued it was all down to the security of the corridor.
"In conditions where Russia talks about the impossibility of guaranteeing the safety of navigation in these areas, such deal is hardly feasible. And it takes on a different character, much more risky, dangerous," said Kremlin spokesman Dmitry Peskov.
Read more: Russia-Ukraine war LIVE updates: Ukraine targeted by missiles; grain exports restart
Notably, after months of jeopardy, a deal brokered by Turkey and the United Nations in July lifted a Russian naval blockade of Ukraine's Black Sea cities and set terms for millions of tonnes of wheat and other grain to start flowing from Ukraine's filled silos and ports.
However, experts believe that after facing a few setbacks in the war, Putin is willing to choke the supply route and use the situation to his advantage.
(With inputs from agencies)
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