Grains and oilseeds: U-turn and floods hit markets

November 4, 2022 at 12:53 PM , Der AUDITOR
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KIYV/BRUSSELS. Russia’s U-turn on the grain corridor has disrupted purchasing schemes for wheat, corn, soybeans and rapeseed. Floods in Australia are fuelling additional concerns over food shortages.

Embarrassing U-turn

After pulling out of the grain corridor last weekend over a drone attack on Russian warships in the port of Sevastopol, Russia backed down on Wednesday in deciding to rejoin the deal brokered with Ukraine, the United Nations and Turkey on 22 July. While Russia’s Ministry of Defence officially stated that written guarantees from Ukraine promising that the Black Sea grain corridor will not be used for military operations against Russia prompted the U-turn, reality rather is that Russia experienced a humiliating blow as shipments remained in p

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