Following Russia’s departure, hundreds of thousands of tonnes of wheat scheduled for delivery to Africa and the Middle East are at danger; while Ukrainian corn shipments to Europe will decrease, according to two Singapore-based merchants.
Due to concerns over supply, Chicago wheat futures increased by more than 5%, while corn increased by more than 2%. It’s possible that November’s planned maize exports from Ukraine to Europe will also suffer.
Since Ukraine’s shipments of sunflower oil to important countries, such as the top edible oil importer India, the move by Russia is to bolster global vegetable oil prices.
Since July, the Black Sea has exported more than 9. 5 million tonnes of corn, wheat, sunflower goods, barley, rapeseed, and soy.