“Ukraine and Russia signed two separate agreements in Istanbul to resume grain exports from three Ukrainian ports. However, the agreements were already called into question again just one day after their signing due to a Russian missile attack on the port of Odessa. “, write Carsten Fritsch, Energy, Agriculture, Precious Metals analyst at Commerzbank.
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“The price of wheat on the CBOT fell almost 6% to about 760 cents per bushel in the September contract, which was the lowest closing level for the most traded contract since the beginning of February. The price of wheat Euro on Euronext Paris (also due September) closed down 7% to just over €325 per tonne The most-traded contract (due December) meanwhile fell to a 5-month low of just over of 310 euros per ton.”
“The agreement was called into question just one day after it was signed due to the Russian missile attack on the port of Odessa. Russia had committed in the agreement not to attack ships and ports. Consequently, wheat prices rose again earlier in the week. This shows how fragile the hope is for a quick and smooth resumption of grain exports from Ukraine. This is necessary for wheat prices to decline sustainably.”
Source: Fx Street
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