Wheat futures prices fell by more than 3 percent in today’s trading as Ukraine takes steps to revive the grain export agreement that Russia left earlier this week, despite doubts about the possibility of success in the Ukrainian endeavors.
Bloomberg news agency reported that Ukrainian President Volodymyr Zelensky directed his senior military leaders to prepare for “actions” that could allow the continuation of the implementation of the grain export agreement. He also informed the Ministry of Foreign Affairs of readiness to take similar diplomatic steps. Zelensky’s statement on the social networking site Telegram did not give details of the nature of the proceedings.
It was not clear the nature of Kiev’s plans to resume grain exports through safe passage in the Black Sea at a time of heightened tensions with Moscow, and concerns of shipping companies and traders.
Senior officials in Turkey, which brokered the grain export agreement on the side of the United Nations, said it was unlikely that grain exports would resume from Ukrainian ports, and that Turkey would not participate in any transfers of these exports.
The price of wheat fell in Chicago Mercantile Exchange trading by 3.1 percent to $7,045 a bushel for September delivery. However, the price is still 7 percent higher than last week’s level. The price of corn fell 2.6 percent to $5.3225 a bushel for December delivery, but it was still 4 percent higher than at the end of last week. The price of soybeans fell 1.1 percent to $13.8875 a bushel for November delivery, but it was still 1.3 percent higher than at the end of last week.
