Russian attack on Ukrainian port and ships has no significant impact on wheat market

21-Oct-2024 08:43 PM

Sydney. Russia has intensified attacks on Ukrainian ports and grain laden ships. Recently, it carried out a deadly attack on Odessa port of Ukraine in which one person died and eight others were injured.

The aim of this attack is believed to be to disrupt the export shipment of grain from Ukraine and spread panic among shipping companies.

But no significant impact of this attack is being seen on the global trade and price of wheat. Some critics believe that due to the expectation of huge production in Australia and Russia's irregular attack on Ukraine,

the global market price of wheat is calm at the moment, but some other analysts are predicting a slight increase in the price of wheat in the future.

Russia and Canada have huge stocks of wheat and they are trying their best to increase its export. The supply of new wheat in Australia is going to pick up soon.

This will increase the supply and availability of wheat in the global market and other wheat exporting countries including Russia,

Canada and America, especially in East and South-East Asia, will have to face a tough challenge from Australia. The chairman of the Ukrainian Agri Council says that Russia is threatening global food security and wants to destroy Ukraine's economy.

It does not want Ukraine's grain to reach the global market, so it is specifically targeting storage facilities and grain ships.

Russia will directly benefit from the disruption of Ukraine's export of wheat, maize, barley and sunflower oil. Russia will get a source of funds for military equipment from the export income of grain. Earlier, Russia had carried out a terrible attack on sunflower oil containers.