The price of wheat on the Chicago Stock Exchange falls 5.9 percent
Following the agreement between Russia and Ukraine on grain exports, world wheat prices began to fall.
On Friday, thanks to the efforts of Turkey, Russia and Ukraine signed a grain delivery agreement in Istanbul, which sent wheat prices below pre-war levels, with the presence of the
Wheat futures on the US Chicago Stock Exchange fell to a five-month low, with wheat prices down almost 6 percent to $7.7 a barrel on expectations that supplies would will increase as the grain crisis is resolved.
According to AFP, the deal will restore Ukraine's grain exports and facilitate Russian grain and fertilizer shipments despite severe economic sanctions.
Wheat prices have returned to pre-war levels for the first time since the Russian invasion of Ukraine in February this year. It should be noted that 30% of imported wheat worldwide is produced by Russia and Ukraine.
Russian warships blocked the shipment of about 25 million tons of wheat and other grains in the ports of Ukraine, Ukraine and Russia are the main source of grain for European countries. Europe imports 30% of its food grains from these two countries.
The Russian navy has blocked Ukraine's main ports on the Black Sea, preventing Ukraine from importing 25 million tons of grain, which is in various ports or farms. However, following Friday's historic agreement, ports will be opened for grain shipments.
