Latest World News: Wheat prices rise again as Russia destroys Ukraine’s last

The drone attack which injured seven people is a continuation of the airstrike Russia launched last week after it withdrew from the Black Sea grain deal. This comes amid a sharp rise in global wheat and corn futures.

On July 24, Russia destroyed Ukrainian grain warehouses on the Danube; these would be the last remaining export routes for the war-torn nation’s grain supply.

The drone attack which injured seven people is a continuation of the airstrike launched by Russia last week after its withdrawal from the Black Sea grain agreement. This comes amid a sharp rise in global wheat and corn futures.

According to the latest figures, soaring wheat prices have jumped 6% (13% on the week), while maize prices have jumped 5% (10% on the week) since the attack. According to figures from the European Stock Exchange, wheat prices rose 8.2% on July 20, while corn prices rose 5.4%.

The latest Russian attacks have mainly targeted the seaports of Odessa, but the last strikes before dawn have destroyed infrastructure along the Danube, which is an alternative export route vital for Kiev to ensure the safety of grain exports. “Russian terrorists again attacked the Odessa region overnight. Port infrastructure on the Danube is the target this time,” regional governor Oleh Kiper wrote on social media.

According to global media, three-grain warehouses were destroyed in the Danube port city of Reni in the attack involving around 15 drones. The port of Reni, a major transport hub, looks across the Danube to Romania, a member of NATO and the European Union.

Since Russia’s large-scale invasion in February last year, Ukraine has increased its grain exports overland via the European Union to around one million tonnes a month, with large volumes being exported from Romanian ports and along the Danube.

These bombardments will likely make it more difficult to supply grain used for livestock, in addition to affecting the flours and oils that depend on Ukrainian grain. It may also have a negative effect on the current global food crisis in some countries that are already experiencing the effects of El Niño on agricultural production.

(With contributions from Reuters)




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An Overview of Global Events in 2023

In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.

Political Unrest and Diplomatic Strides:
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Economic Transformations:
The global economy faced both challenges and opportunities. Trade disputes between major powers affected markets, while some countries grappled with debt crises. On the other hand, emerging economies showed resilience and promising growth, fueling optimism for a more balanced global economic landscape.

Technological Advancements:
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.

Climate Crisis and Environmental Resilience:
As the climate crisis intensified, extreme weather events wreaked havoc in various parts of the world. Wildfires, hurricanes, and floods reminded humanity of the urgent need for climate action. In response, governments and communities across the globe doubled down on efforts to reduce carbon emissions, invest in sustainable infrastructure, and protect biodiversity.

Health and Pandemic Management:
Health remained a global priority as countries continued to combat the COVID-19 pandemic. With the emergence of new variants, vaccination efforts and public health measures remained crucial to curbing the spread of the virus. There were also significant advancements in medical research and technology, offering hope for better preparedness in handling future health crises.

Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.

In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.