Wheat prices rose sharply after Russia’s decision to suspend grain deal
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Wheat futures for September delivery rose 4.24% to $6.89 per bushel. testify trading data on the Chicago Mercantile Exchange as of 12:06 Moscow time.
After a sharp rise in futures prices have stabilized. By 14:30 Moscow time, the price for them gradually dropped to $6.80 per bushel.
On July 17, presidential spokesman Dmitry Peskov said that the Black Sea agreements had in fact ceased to be valid today. He stressed that since the Russian part of the deal is not being implemented, its effect is terminated. Moscow is ready to return to the implementation of the agreements as soon as its conditions are met. Russian Foreign Ministry spokeswoman Maria Zakharova said that Moscow had notified the UN, Turkey and Ukraine of its objection to the extension of the deal.
The grain deal was concluded on July 22, 2022 by representatives of Turkey and the UN, on the one hand, and representatives of Russia and Ukraine, on the other. Separate agreements were concluded with Moscow and Kiev: the first was for the export of Ukrainian grain from three ports, including Odessa, Yuzhny and Chernomorsk, and the second was for assistance in the export of Russian grain and fertilizers. Moscow has repeatedly noted that the second part of the deal is not being implemented.
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