Wheat prices rose sharply after Russia refused to extend Black Sea grain transport agreement
Wheat prices rose significantly today after Russia announced it was no longer participating in the Black Sea grain export deal, traders said, Reuters reports. On the Chicago Grain Exchange, wheat futures climbed 3.4% today to $6.84 for about 27 pounds, after previously advancing more than 4%.
Expiry of the deal will force Kiev to export the 2023 crop via alternative routes to river ports and the EU border amid high logistics costs, analysts say.
Signed in July 2022 in Istanbul the Black Sea Initiative between Russia and Ukraine, under the aegis of Turkey and the United Nations, has allowed some 33 million tonnes of grain to be exported from Ukraine despite the war.
