Russia's weekend backtrack from a U.N.-brokered deal to export Black Sea grains is likely to hit shipments to import-dependent countries, deepening a global food crisis and sparking gains in prices
Hundreds of thousands of tonnes of wheat booked for delivery to Africa and the Middle East are at risk following Russia's withdrawal, while Ukrainian corn exports to Europe will get knocked lower, two Singapore-based traders said.in the U.N. grain deal for an "indefinite term", after what it said was a major Ukrainian drone attack on its Black Sea fleet in Crimea.
Australia, a key wheat supplier to Asia, is unlikely to be able to fill any supply gap, with shipping slots booked right up to February, traders said.- which posted a five-fold jump in H1 profit due to supply constraints arising from the Russia-Ukraine conflict - rose more than 7%. In recent deals, Indonesian millers bought four cargoes or around 200,000 tonnes of Ukrainian wheat for November shipment in deals signed over the last few weeks, traders said. Some Vietnamese feed mills that bought Ukrainian wheat are also likely to suffer.
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