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CME Grain Futures Climb Following Russia's Suspension of Black Sea Grain Deal 

On Saturday, Russia’s Ministry of Defense announced that it would leave the Black Sea Grain Initiative for an "undetermined period" of time.

Russia claimed that Ukraine launched a drone attack on Russia’s fleet off the coast of Crimea early Saturday. Ukraine has denied these allegations, with Ukrainian Foreign Minister Dmytro Kuleba tweeting “[w]e have warned of Russia’s plans to ruin the Black Sea Grain Initiative. I call on all states to demand Russia to stop its hunger games and recommit to its obligations.”

The Black Sea Grain Initiative was brokered by Turkey and the United Nations in July of this year. The deal was aimed at combating a potential global food shortage caused by significant disruptions to agricultural shipments from the Black Sea. Both Russia and Ukraine are significant producers and exporters of key commodities including grain and fertilizers...

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