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Wheat prices rose sharply on July 25 after Russian missiles hit the port city of Odesa over the weekend, despite claims by the Kremlin that the strikes targeted military infrastructure and did not affect Ukraine’s grain exports.
Kremlin spokesman Dmitry Peskov said on July 25 that two Kalibr missiles had struck near a pumping station in the port of Odesa, targeting only military infrastructure “not related to the grain export agreement” that was reached on July 22 in Istanbul by Russia, Ukraine, the United Nations and Turkey.
“This cannot and should not affect the start of shipments,” Peskov told reporters.
However, Chicago Board of Trade wheat prices rose almost 4 percent on July 25 to $7.86 a bushel.
Ukraine is one of the world’s largest exporters of wheat, corn and sunflower oil, but Russia’s invasion of Ukraine and the blockade of Ukrainian seaports have disrupted grain shipments.
These blockades have driven up world food prices, putting people in poor countries at risk of starvation and raising fears of social unrest.
The agreement envisages the opening of three ports in the Black Sea for grain exports and is expected to be in force for 120 days. According to the agreement, it is intended that the export of cereals will reach 5 million tons per month.
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