World Wheat Prices Fall by 10% After Putin's Statement About Ukrainian Ports - Association

ROME (Sputnik) - World wheat prices have fallen by 10% after Russian President Vladimir Putin announced his readiness to ensure the transport of grain from Ukrainian ports if Kiev clears them of mines, Italian association of agricultural producers Coldiretti said on Saturday.

Coldiretti said, citing data from the Chicago Board of Trade, that the price of wheat futures at the closure of trading was $10.4 per bushel, a 10% decline in three days. Meanwhile, corn prices fell by 6.4% to $7.27 per bushel.

"The exit of ships from Black Sea ports means the emptying of Ukrainian warehouses, in which there are over 20 million tonnes of grain, including wheat, barley and corn intended for export to both rich and poor countries, where a blockade may cause unrest and hunger," the association said in a statement.

The list of countries most dependent on Russian and Ukrainian grain supplies includes Egypt, Turkey, Bangladesh and Iran, which buy over 60%, according to Coldiretti. The group also includes Lebanon, Tunisia, Yemen, Libya and Pakistan.

At the same time, analysts stressed that the reduction of prices had nothing to do with overcoming difficulties. The fall is rather due to the heightened interest in the speculative market for agricultural products, Coldiretti said.

On Friday, Russian President Vladimir Putin told the Rossiya 24 broadcaster that there were no obstacles to the export of grain from Ukraine. Ships carrying wheat will be able to leave the Black Sea without any problems if Kiev clears ports of mines, the Russian leader added.

Last week, Putin told Italian Prime Minister Mario Draghi in a telephone call that Russia was ready to significantly contribute to overcoming the food crisis through the export of grain and fertilizer, provided the West removes politically motivated restrictions. The Russian leader also stressed that the situation in the food sector had worsened due to the sanctions imposed on Russia by the United States and the European Union.