Keeping an eye on Ukraine and China, cereals are still in decline Ukraine denied having stopped its exports through the Black Sea
Innovation & Technology
Grains, Cereal & Legumes
Supply Chain Management
Published Nov 3, 2023
Wheat prices in the market are affected by the tensions between Ukraine and Russia, as Russian planes allegedly dropped mines on ships transporting Ukrainian grain in the Black Sea. Despite a rebound in prices, they started to fall again at the beginning of the week. Additionally, the market remains cautious due to stable harvests in Europe and the US, as well as the absence of significant events.
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“The wheat market remains quite focused on what is happening between Ukraine and Russia,” observes Jack Scoville of Price Futures Group. According to him and two other brokers interviewed by AFP, prices rebounded a little at the end of last week after the publication of information on the dropping of mines by a Russian plane on the path of ships transporting Ukrainian grain in the Black Sea. The Ukrainian army's operational command for the south of the country discussed these attacks in a post on its Facebook page on October 25, saying that Russia had "dropped four unidentified munitions (probably naval mines) into the Black Sea in direction of navigation corridors of the civil navy”. However, reports of a temporary closure of the corridor were denied the next day by the Ukrainian Minister of Infrastructure, Oleksandr Koubrakov. Speaking about the corridor on Telegram on Thursday, Ukrainian President Volodymyr Zelensky said: “the dynamic is positive. We are finalizing insurance ...