World food supply is at risk of shortage as Russia pulled out of the Black Sea deal, citing civilian safety concerns after reporting that a Ukrainian drone had attacked its Black Sea fleet in Crimea.
The wheat booked for delivery to Africa and the Middle East, amounting to hundreds of thousands of tonnes, is at risk following Russia’s withdrawal.
However, the United Nations, Turkey, and Ukraine implemented the Black Sea grain deal and agreed on a transit plan to move forward for 16 vessels on Monday.
Chicago wheat futures and corn rose more than 5% and 2% respectively from fears of supply crunch.
