Kremlin Drone Attack Sees Chicago Wheat Futures Rise - Infographics

A drone attack on the Kremlin has seen wheat prices rise just as talks are set to begin with Russia to extend the timeframe of the Black Sea corridor, that allows Ukraine to export crops to the rest of the world.

Wheat prices have jumped, after more than a two-week steady decline, as tensions rise in the wake of an alleged Ukrainian drone attack on the Kremlin in Moscow. Ukraine denies any involvement.

On May 5, negotiations are due to begin between Turkey, Russia and Ukraine on the future of the safe corridor that allows Ukraine to export cereals to the rest of the world through the Black Sea – the current deal expires on May 18.

Under the present deal, almost 30 million tons of crops have been shipped to global markets since July 2022.