“The price of wheat futures in Chicago, the global benchmark, has risen by 11% since the early hours of July 17th, when Russia said it would not renew a year-old deal allowing ships carrying Ukrainian food exports to cross the Black Sea,” writes The Economist.
“Some had hoped that Ukraine would continue to export through the Black Sea, either with the help of the Turkish navy or by providing commercial shippers with war-risk insurance, says Joe Glauber of IFPRI, a think-tank. Russia’s latest strikes, and its announcement on July 19th that it would treat all ships bound for Ukraine’s Black Sea ports as military threats, have put paid to such optimism”.
Republished in Capital (Bulgaria).