World wheat prices began to decline after Russian President Vladimir Putin announced his readiness to guarantee the passage of ships with grain from Ukraine, transmits Forbes.ru with reference to analysts of the Italian Association of Agricultural Producers Coldiretti, 1HealThytips reported.

Wheat futures closed at $10.4 a bushel (27.2 kg) at the Chicago Board of Trade, down 10% in three days. Thus, the cost of grain returned to the values of early April, Coldiretti said. Feed corn futures fell 6.4% in three days to $7.27 a bushel.

Egypt, Turkey, Bangladesh and Iran buy more than 60% of wheat in Russia and Ukraine, Lebanon, Tunisia, Yemen, Libya and Pakistan also depend heavily on supplies from these countries, Italian analysts said. “The departure of ships from Black Sea ports means the release of Ukrainian warehouses, where it is estimated that there are more than 20 million tons of wheat, barley and corn, destined for export to both rich and poor countries, where shortages can cause unrest and famine,” they noted.

The critical situation with wheat has also affected Italy, which imports 64% of wheat and 53% of feed corn and is now facing a grain shortage, Coldiretti said. According to the association, in 2021 alone, the country purchased from Ukraine 122 million kg of wheat and 785 million kg of corn.

Earlier, Putin, in an interview with Russia 24 TV channel, said that Moscow was ready to ensure the export of grain through the ports of the Azov Sea, which are controlled by Russia, and the Black Sea, which are controlled by Ukraine. 

The President added that Russian sappers are finishing work on demining the Azov Sea ports of Berdyansk and Mariupol from mines “in three layers” left after Ukraine.