Wheat Prices Soar After Russia Threatens Ships

Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets.

Moscow pulled out of a UN deal on Monday that ensured safe passage for grain shipments crossing the Black Sea.

For the past three nights Russia has bombarded Ukraine’s grain facilities in Odesa and other cities.

Moscow also warned that from today any ships going there would be seen as siding with “the Kyiv regime”.

White House spokesman Adam Hodge suggested Russia was planning to hit civilian ships and blame Ukraine.

He said Russia had laid more sea mines in the approaches to Ukrainian ports as part of a co-ordinated Russian effort to justify attacking civilian ships.

The Kremlin did not immediately respond to the allegation.

Wheat prices on the European stock exchange soared by 8.2% on Wednesday from the previous day while corn prices were up 5.4%.

US wheat futures jumped 8.5% – their highest daily rise since just after Russia’s February 2022 invasion of Ukraine.

Earlier President Vladimir Putin said he would return to the international grain agreement immediately if his demands were met.

They include lifting sanctions on sales of Russian grain and fertiliser and reconnecting Russia’s agricultural bank to a global payment system