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World prices react to first ship with grain to leave Ukraine's Black Sea port


World prices react to first ship with grain to leave Ukraine's Black Sea port

Source: Bloomberg

Quote: "The first grain ship in over two months left one of Ukraine’s Black Sea ports, as Kyiv seeks to defy Russia’s effective maritime blockade following the collapse of a safe-passage deal. Wheat prices fell."

Details: Thus, wheat futures fell by 1.3% to $5.84 per bushel on 19 September.

Nevertheless, it is too early to talk about any significant impact of this opening of the corridor.

Quote: "The market is watching for a response from Moscow, which has said it would treat any ships headed to Ukraine’s ports as potentially carrying weapons. In August, the Russian navy fired on a vessel to force it to stop for checks."

Background: On 19 September, the Resilient Africa vessel left the port of Chornomorsk carrying 3,000 tonnes of wheat and is heading towards the Bosphorus Strait.

In August, the Russian military fired on a civilian vessel in the port of Odesa. Only the effectiveness of Ukrainian air defence prevented Russians’ intentions.

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28 of September 2023