Russian attack The war is on the table around the world – as many as 300,000 tonnes of wheat are stuck on the Ukrainian border because of Russia

Economic|The Russian attack

One a cargo ship carrying wheat is stuck on the Ukrainian border and four ships have not been filled due to Russian hostilities. Reuters said on Tuesday that the situation will delay exports of up to 300,000 tons of grain to its buyer in Egypt.

Egypt is usually the world’s largest importer of grain, and grain imported from the Black Sea has formed a significant piece of its security of supply. The country’s administration has lowered the price of bread by supporting its production along with cheap wheat.

Delivery problems have raised questions about maintaining the state’s security of supply as it seeks to ensure the adequacy of its reserves with a more expensive counterpart purchased in France. Prime minister Mostafa Madbouly however, rushed to reassure that the country’s wheat reserves would be sufficient for four months.

Russian the attack forced Ukraine to close its main port in May. Small ports along the Danube and the railways circulating the country have been increasingly harnessed for the transfer of export products.

The Ukrainian administration has underlined that the lock is not just about the country’s own economic difficulties, but about the world’s food supply. In 2021, Ukraine produced 10 percent of all wheat in the world, the sixth largest of all countries.

The Egyptian authorities extended the delivery date mentioned in the contract, but uncertainty about the destination of the shipments remains.

According to information service Refinitiv, the price of wheat rose to an all-time high in March due to a large-scale attack launched by Russia on 24 February. The fixed price of wheat in the futures trade is now about 1233 cents, its highest on March 6 was more than 1425 cents. As early as the beginning of February, the price was about 750 cents.