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New attacks moved the stock markets

Нови атаки раздвижиха борсите

After the regional governor of Odesa region said that Russian forces had hit the city's port infrastructure on Tuesday evening, wheat prices reacted instantly.

Chicago wheat rose 1% yesterday, with the market climbing to its highest in nearly two weeks on renewed concerns about supplies from Ukraine following Russian attacks on grain infrastructure.

The United Nations World Food Program (WFP) warned on Tuesday that wheat production in Ukraine may not be able to meet domestic and export demand for years to come if Black Sea export routes remain blocked and attacks on food infrastructure continue.

WFP Ukraine Director Matthew Hollingworth said an upcoming report by the UN Office for Human Rights (OHCHR) will show that there have been 31 documented attacks on grain production and export facilities in Ukraine since mid-July.

He told the UN Security Council that "28 of these attacks were in Odesa Oblast alone, home to the vital Black Sea and Danube River terminals that are essential for world trade."

Hollingworth quotes that before the war Ukraine accounted for 9% of world exports of wheat, 15% of corn and 44% of sunflower oil. To date, wheat production has already declined by 35% since the beginning of the war, which has cost the country's agricultural sector $40.2 billion in damages and losses.

"If the attacks on food infrastructure and the blocking of maritime export routes continue, this will dramatically affect the outlook for agricultural production in the coming years and could, at worst, result in wheat production being unable to meet domestic and export demand." said Hollingworth.

Russia's ambassador to the United Nations, Vasily Nebenzya, told the Security Council on Tuesday that Moscow was targeting military, not civilian, infrastructure.

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