Haluk Gedikoglu, a specialist in international agricultural economics and a professor at Konya University, conveyed the view that the detonation at the Turkish port of Derince, resulting in the loss of 15,000 tons of grain, is unlikely to impact global grain prices directly. However, he suggested that the incident could incite apprehensive sentiments due to the introduction of supplementary risks. Gedikoglu's perspective was shared during a discussion with a TASS correspondent.
"The reduction of 15,000 tons of grain stored in the elevators at Derince doesn't pose a significant concern for the global market and won't independently influence prices. Nonetheless, it's important to grasp that this occurrence, albeit relatively minor, has underscored the existence of infrastructure risks. Such a situation could potentially instigate apprehensive sentiments among producers and participants within the supply chain, thus impacting global prices," explained the spokesperson from the agency.
Gedikoglu pointed out that the incident in Derince might eventually prompt market participants to address concerns related to grain storage and transportation infrastructure. He noted, "Considering the volatility of grain prices due to the Russia-Ukraine conflict and its surrounding events, an incident involving a minor loss of grain in Turkey could be interpreted as the emergence of substantial new risks, eventually influencing prices. To provide a relatable analogy, it's akin to an explosion occurring in a retail chain store. Following such an event, people may avoid other stores of the same company due to fear."
GSV "Russia - Islamic world"
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Based on materials from TASS