Wheat Prices Soar After Russia Threatens Ships

Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets, Emily McGarvey reported for BBC News.

Photo Insert: Moscow pulled out of a UN deal on Monday that ensured safe passage for grain shipments crossing the Black Sea.

Moscow pulled out of a UN deal on Monday that ensured safe passage for grain shipments crossing the Black Sea.

For the past three nights, Russia has bombarded Ukraine's grain facilities in Odesa and other cities. Moscow also warned that from Thursday any ships going there would be seen as siding with "the Kyiv regime."

White House spokesman Adam Hodge suggested Russia was planning to hit civilian ships and blame Ukraine.

Russia had laid more sea mines in the approaches to Ukrainian ports, he said, as part of a coordinated Russian effort to justify attacking civilian ships.

Wheat prices on the European stock exchange soared by 8.2% on Wednesday from the previous day to €253.75 (£220; $284) per ton, while corn prices were up 5.4%. US wheat futures jumped 8.5% - their highest daily rise since just after Russia's February 2022 invasion of Ukraine.

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