Ukraine recap: Two ships head for Black Sea ports to load wheat

Ukraine is defying Russia’s effective blockade of its Black Sea ports by sending empty ships to collect grain for the first time since the collapse of a deal guaranteeing safe passage almost two months ago. Two ships were sailing Saturday toward the port of Chornomorsk to load wheat for Africa and Asia, Ukraine’s infrastructure minister said.  

The European Union ended a ban on Ukrainian crop imports in five of its eastern countries, prompting Poland, Hungary, and Slovakia to quickly announce a return to unilateral restrictions. Meanwhile, Russia is tightening its grip on the world wheat export market after another huge harvest.  

North Korean leader Kim Jong Un capped his visit to Russia by viewing next-generation missile systems at an airfield near Vladivostok and meeting with Defense Minister Sergei Shoigu. He’s expected to return to Pyongyang on Saturday. Kim inspected Russia’s Kinzhal missile system, supersonic bombers, and the latest weapons on the MiG-31 missile carrier, Russia’s defense ministry said. 

Kyiv’s forces are on the offensive south of Bakhmut, deputy defense minister Hanna Malyar said on Telegram. They achieved ad partial success in Verbove and Novoprokopivka in Zaporizhzhia region in Ukraine’s south. 

Markets

Oil rose for a third straight week — and a 10th out of the past 12 weeks — as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia. 

Wheat futures rose above $6 a bushel but remains near multi-month lose as traders balance the impact of dry weather on crops in key exporters against bumper harvests in parts of the Northern Hemisphere, including Russia.