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| Name | Expert on wheat price hike after Ukraine dam collapse |
| Video Uploader | Video From AP Archive |
| Upload Date | This Video Uploaded At 11-06-2023 21:04:36 |
| Video Discription | (6 Jun 2023) RESTRICTION SUMMARY: ASSOCIATED PRESS Washington, DC (++VIA VIDEO CALL++) - 6 June 2023 1. SOUNDBITE (English) Joseph Glauber, senior research fellow at the International Food Policy Research Institute: "We know that the areas near the conflict just haven't been producing. They've been, for the most part, a lot of that land's been just out of production and understandably so. But I mean, this is a serious breach in terms of, you know, what it's doing to infrastructure and other sorts of things, at least in that region." 2. SOUNDBITE (English) Joseph Glauber, senior research fellow at the International Food Policy Research Institute: "This offensive, everything else is ramping up the tension, so I think that's what the trade is really concerned about is ultimately what does it mean for the Black Sea Grain Agreement." 3. SOUNDBITE (English) Joseph Glauber, senior research fellow at the International Food Policy Research Institute: "Any time this war shows signs of getting further escalated, there's a lot of concern in that, you know of means... markets react to that, and I think that's what we're seeing. It's not unlike when Russia suspended the agreement back in late October or early November. We saw a similar price move in the wheat market." 4. SOUNDBITE (English) Joseph Glauber, senior research fellow at the International Food Policy Research Institute: "There's a certain amount of trying to assess damage. And again, I think I suspect that's less than meets the eye, that is less production just because, you know, floods are terrible for those in river valleys. And again, if this were normal times you would be concerned about disruptions of infrastructure but the war is already doing that for the most part. So I don't think that it's going to have a big impact on actual production. But again, the longer term, what this implies for the Black Sea Grain Initiative, you know, as far as I haven't seen anything today that suggests that that's changing, but we know tensions have been building on that." ++ENDS ON SOUNDBITE++ STORYLINE: Global prices for wheat and corn soared Tuesday after a major dam in Ukraine collapsed, renewing market fears about the fragility of the country's ability to ship food to Africa, the Middle East and parts of Asia as it fights a war with Russia. Wheat prices gained 2.4% in early trading Tuesday on the Chicago Mercantile Exchange, to $6.39 a bushel. The cost of corn rose more than 1%, to $6.04 a bushel, and oats gained 0.73%, to $3.46 per unit. Prices were higher earlier in the day but faded. The destruction of the Kakhovka dam and hydroelectric power station, which sits in a Russian-controlled area on the Dnieper River, raised concerns about disruption to Ukraine's affordable supplies of wheat, barley, corn and sunflower oil getting to developing nations where people are struggling with hunger and high food prices. “Anytime this war shows signs of getting further escalated, there’s a lot of concern,” said Joseph Glauber, senior research fellow at the International Food Policy Research Institute. “Markets react to that.” Ukraine and Russia are both major agricultural suppliers and the war's disruption to their exports worsened a global food crisis tied to droughts and other factors. Breakthrough agreements brokered by the U.N. and Turkey last year got food moving again through the Black Sea, but it's faced setbacks. Russia briefly pulled out of the deal last year, has threatened to leave again, is accused of slowing shipments from Ukraine and has only agreed to renew the deal for two months at a time. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/0c309c23b512435d9eb8b9bd53735f39 [8nz1xdTi5o8] |
| Category | News & Politics |
| Tags | 0c309c23b512435d9eb8b9bd53735f39 | 4438495 | AP Archive | Black Sea | Joseph Glauber | Russia | US Ukraine Grain Interview | Ukraine |
