Wheat prices rise after Odessa attack; Russia says it targeted Ukraine’s military

UK to host 2023 Eurovision Song Contest

The Kalush Orchestra of Ukraine celebrates after winning the Grand Final of the Eurovision Song Contest at the Paolampico Arena on Saturday, May 14, 2022 in Turin, Italy.

Luca Bruno | AP

The European Broadcasting Union has confirmed that Britain will host the Eurovision Song Contest next year on behalf of war-torn Ukraine.

“Following the decision, regrettably, that next year’s event could not be held in Ukraine due to safety and security reasons, the EBU explored several options with the winning broadcaster,” the EBU said in a statement.

“As a result of discussions, the BBC, as runners-up in the 2022 contest, was invited by the EBU to act as host broadcaster for the 67th Eurovision Song Contest.”

“Stefania” by the Kalush Orchestra finished first at the 2022 event in May, while Britain’s Sam Ryder with “Space Man” finished second.

—Matt Clinch

Russia-Ukraine war could lead to food inflation till 2024: CEO

Sunny Varghese, CEO of leading food and agri-business Olam Group, told CNBC it is difficult to predict how much food prices will rise.

Kremlin says Odessa attacks hit military infrastructure

A Kremlin spokesman insisted Monday that attacks in Odessa over the weekend targeted military infrastructure.

Reiterating an earlier statement of the Ministry of Defense, Dmitry Peskov told reporters that the attacks would not affect profit exports from the region.

Ukrainian President Volodymyr Zelensky Saturday’s strike was described as a barbaric act.

—Matt Clinch

Wheat prices rise after Odessa attack

A fire destroys a wheat field as Russian soldiers shell fields to prevent local farmers from harvesting grain crops, Polohy District, Zaporizhzhya Region, southeastern Ukraine.

Dmitro Smolenko | Future Publishing | Getty Images

Wheat futures for September on the Chicago Board of Trade rose 3.6% on Monday morning as traders cautioned on grain export deals signed by Russia and Ukraine last week.

On Friday both the countries signed UN-backed deal to restart Ukrainian grain exports through the Black Sea. The deal is critical to the global food supply, but at the same time it is the first major agreement between the two sides since Moscow launched it. unprovoked attack on 24 February.

But Ukraine said on Saturday that Russian missiles had struck the southern Ukrainian port of Odessa, raising doubts about that new agreement.

Russia possibly struggling to repair combat vehicles, says UK

Posting one of its daily updates on Twitter, Britain’s Defense Ministry said it has located a Russian Military Vehicle Refit and Refurbishment Facility near Barvinok, in Russia’s Belgorod Oblast, close to the Ukrainian border.

It said at least 300 damaged vehicles were at the facility, including trucks and tanks of armored personnel carriers.

“In addition to its well-documented personnel problems, Russia continues to struggle to evacuate and repair potentially thousands of combat vehicles that may have been damaged in action in Ukraine,” it said in the update.

—Matt Clinch