World wheat prices rose due to missile strikes on Ukraine
11.10.2022 - 09:10
On Monday, October 10, wheat futures rocketed by 5% after russia launched a massive missile attack on the territory of Ukraine.
After the missile attacks on Ukraine, futures on Chicago rose by 5%, according to Bloomberg.
“The aggravation of the conflict calls into question whether the two sides will agree to extend the agreement on the export of grain from Ukraine, which expires in about a month,” the publication notes.
Wheat futures in Chicago rose to $9.2425 a bushel, marking the biggest gain this month. This year, prices have increased by about 20%. Corn and soybeans also rose in price by more than 1.5%. Paris food wheat rose in price the most in three weeks.
Any slowdown in exports could raise global food prices. Problems with Ukrainian crop cargoes have already arisen, as the queues of vessels waiting for inspection in Istanbul have been growing recently.
Traders also await an important crop report from the USDA on Wednesday. Analysts polled mostly expect the agency to lower its forecasts for global wheat and corn stocks.
We would like to remind, on the morning of October 10, the russians launched almost a hundred rockets on the territory of Ukraine. Ukrainian air defense shot down half of them.
According to the Prime Minister of Ukraine Denys Shmyhal, the russians damaged 11 important infrastructure facilities in eight regions and in the city of Kyiv. Some areas were cut off the electricity.
