Ukrainian Grain Corridor Suspension Sparks Surge in European Market Prices: Impact on Black Sea Shipping

2023-07-22 03:02:48

Not a ripple on the Black Sea off Odessa: since the suspension of the Ukrainian grain corridor and the intensification of Russian bombardments, no ship has risked coming to load grain, leading to a sharp rise in prices on the European market.

Two days after Russia’s refusal to renew the agreement for maritime agricultural exports from Ukraine, which had allowed the release of nearly 33 million tonnes of grain in one year, the markets are beginning to react.

Wednesday around 3:30 p.m., a tonne of soft wheat won 9.5 euros since the opening, at 244 euros per tonne, corn gaining 9 euros, at 246 euros per tonne, an overall increase of nearly 5% in two days for these cereals.

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