Global grain prices have fallen to April levels following Russian President Vladimir Putin’s promise to ensure the safe export of Ukrainian grain through Black Sea ports controlled by Russia.
Wheat was trading at $10.4 per bushel (27.2kg) on Friday, data from the Chicago Board of Trade shows. That was its lowest price since April 7, when it was quoted at $10.2 per bushel, and a 10% drop from its peak price in mid-May.
Prices of corn for animal fodder were also down this week, falling to $7.27 per bushel.
Grain prices rose last month on fears that Russia’s ongoing military operation would prevent Ukraine’s grain exports from reaching buyers. Western countries accused Russia of impeding exports, but Moscow has repeatedly stated that it is not to blame and that the ships carrying Ukrainian grain are unable to leave ports due to mines placed in the area by Kiev’s forces. Putin on Friday once again said that Russia is in no way responsible for holding up shipments and promised to assist in the ships’ passage.