Agricultural commodity prices fall as Ukraine grain shipments resume

By Tuba Sahin

ANKARA (AA) - The price of major agricultural commodities fell on Monday thanks to the resume of grain and fertilizer shipments from the Ukrainian Black Sea for the first time since the onset of Russia's war on Ukraine.

Wheat prices were traded below its levels before the launch of the war to around $7.94 per bushel at 13.40 pm GMT, down 1.6% on a daily basis.

Soybeans futures decreased 2.7% compared to the previous close to $15.9 per bushel on Monday after hitting a five-week high of $16.7 on Friday.

Corn prices declined by 2.1% to $6 per bushel, while it was 1.6% down for oat, reaching $4.4 per bushel.

As part of a grain corridor deal signed between Türkiye, the UN, Russia, and Ukraine on July 22, the first ship departed from the port of Odesa on Monday.

The deal is to reopen three Ukrainian ports -- Odesa, Chernomorsk, and Yuzhny -- for grain that has been stuck for months because of the ongoing Russia-Ukraine war, which is now in its sixth month.