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Ukraine on Monday sent out its first shipment of grain since Russia invaded the country five months ago, sending wheat prices lower and raising hopes the move will help bring down global food prices.
Cargo ship Razoni left for Lebanon carrying more than 26,000 tons of corn, reports said Monday. It marked first grain ship to leave the port of Odessa since February 24, Oleksandr Kubrakov, Ukraine’s Minister of Infrastructure, said on Twitter with a video showing the ship departing with its horn blowing.
Wheat prices have largely been moving lower since the United Nations, Turkey and Ukraine reached an agreement on July 22 to reopen three ports in Ukraine whose grain has been waiting to be shipped. September wheat futures on Monday fell 2.4% to $788.50 a bushel on the Chicago Board of Trade.
Black Sea wheat prices in Asia dropped last week in the wake of the shipment deal, according to Hellenic Shipping News, which said prices were quoted below $400 a tonne, including cost and freight, down from $415 a tonne a couple of weeks ago.
