Wheat costs decrease as Russia resumes its grain trade with Ukraine
Date
11/3/2022 4:35:53 AM
(MENAFN) Following the Russian Defense Ministry's announcement that the nation has resumed its participation in the agreement on the sale of Ukrainian grain across the Black Sea, wheat futures fell more than 6 percent on Wednesday.
As of 10:00 GMT, the price of December wheat futures on the Chicago Exchange fell by 6.32 percent to USD8.45 a bushel. Despite a subsequent decline in the rally, wheat was still down 5.5 percent for the day at USD8.53 a bushel at noon, per trading data. Both corn and oat futures were down, with corn down 2.4 percent to hit USD6.80 per bushel and oats down 2.61 percent to USD3.89 per bushel, respectively.
The United Nation and Turkey mediated the grain agreement, which was finalized in July. It was intended to assist in resuming agricultural exports across the Black Sea from Russia and Ukraine, which had been halted as a result of hostilities between the two countries.
The Russian military accused Ukraine of exploiting the grain corridor to launch an attack on the Russian port of Sevastopol, leading Moscow to terminate its participation in the agreement last week. Grain prices rose as a result of the decision, with wheat rising by roughly 8 percent at the start of trade on Monday.
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