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The agreement reached between Kiev and Moscow with the mediation of Ankara for the unblocking of Ukrainian wheat had an immediate effect on the markets.
The Wall Street Journal writes that the price of wheat fell after the news that the pact was successfully sealed, although it is now expected that its implementation may be more difficult than predicted on paper.
On the Chicago Stock Exchange, wheat prices fell to their lowest level since February when Russia launched its attack on Ukraine.
The latter will now attempt to start shipments of nearly 5 million tons of wheat per month, approaching pre-war levels.
US traders say the deal should somewhat ease food price concerns, given that both Russia and Ukraine are among the world’s leading grain exporters.
Therefore, the conflict had massive consequences for food security around the world. The blockade of Ukrainian ports by the Russian Black Sea Fleet during the war of aggression has caused grain prices to rise sharply around the world and caused a food crisis.
Dozens of ships are blocked and at least 20 million tons of grain are waiting in the warehouses and silos of the port of Odessa to be exported.
According to the figures of the UN Food Organization in 2021, Ukraine, one of the “bread baskets of the world”, occupied the third place as an exporter of barley and the fifth place for the export of wheat.
If the deal stands, it could help ease catastrophic food shortages exacerbated by the Russian invasion that have affected the entire global economy, exacerbating a growing food crisis, contributing to famine in Africa and threatening political unrest in some countries .
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