Corn, Wheat Prices Impacted by Increased Attacks Between Russia and Ukraine

Corn and wheat prices continue to be impacted by the increase in recent attacks between Russia and Ukraine.

“Just since the end of the Black Sea Grain Initiative, strikes carried out by Russia have destroyed 180-thousand tons of grain inside Ukraine, including 40-thousand tons of grain just in 24 hours,” according to Matthew Miller, spokesperson for the U.S. State Department last week, after Russia sent missiles to strike a port across the Danube River from Romania, which further stopped the shipment of grain out of Ukraine.

Dave Salmonsen with American Farm Bureau says he’s concerned about the ability to move corn and wheat out of Ukraine.

“What had seemed to be a fairly stable, within a war zone—if there’s anything such as known as stable inside a conflict—way of moving grain, has now been stopped. And Ukraine has to find other ways of getting their grain out,” said Salmonsen.

Miller says Russia’s actions aren’t just harming Ukraine—they’re also harming global food supplies.

“They are not just targeting people inside Ukraine, but in fact, the whole world, because when they target grain infrastructure, when they target shipping infrastructure, when they destroy grain as they have in the past few weeks, they aren’t just harming Ukraine. They’re harming all the countries around the world,” said Miller.

On Friday, it was reported that Ukraine sent sea drones to attack a Russian warship, as well as a major naval base in Russia, which was a factor in driving corn and wheat prices higher in the grain markets.

Since the expiration of the Black Sea Grain Initiative on July 17, Ukrainian officials said Russia has hit 26 port facilities and destroyed almost 200-thousand tons of grain.

Click below to hear C.J. Miller’s radio news report for Hoosier Ag Today.


Recommended Posts