Prices for grain on the so-called futures market rose sharply on Monday. The increase is mainly caused by Russia’s decision no longer to allow grain exports from Ukraine via the Black Sea.
This agreement, signed in July, was seen as crucial in solving the world’s tight supplies and keeping the global food shortage under control. Grain became almost 6 percent more expensive on Monday. Corn and soda also rose in price.
This weekend, Russia suspended its cooperation with the grain deal because of attacks on ships near Crimea.
According to Russia, Ukraine was behind those attacks. Russia’s suspension of the deal is the latest food supply setback. The decision could exacerbate global food inflation and fuel hunger if prices continue to rise.
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