No Extension Announced Yet for Black Sea Grain Initiative 

On Friday, officials from Russia and the United Nations convened in Switzerland to try to work out an extension of the Black Sea Grain Initiative, which is set to expire on November 19th. 

The agreement, which was brokered by the U.N. and Turkey over the summer, allows for Ukrainian grain shipments and Russian exports of key agricultural commodities including fertilizer amid the ongoing war.

Russia briefly pulled out of the deal two weeks ago due to an alleged Ukrainian drone attack on its Black Sea fleet in Crimea. 

Russian authorities have not yet decided on whether to extend the agreement. An extension could ease concerns about a global food shortage, particularly for countries in Africa, the Middle East, and Asia that rely heavily on grains, vegetable oils, and other goods from both Russia and Ukraine...

Wheat Futures Plummet as Russia Rejoins Black Sea Grain Initiative

Russia has rejoined the Black Sea Grain Initiative just days after announcing its withdrawal from the deal on Saturday.

Over the weekend, Russia declared that it would pull out of the initiative following an alleged Ukrainian drone attack on its Black Sea fleet. The news fueled a rally in the grains futures markets, with wheat leading the sharp advances.  

Ukraine is one of the world’s top exporters of grain and other agricultural products. Russia is a key provider of fuel and energy. In 2020, Ukraine was the fifth largest exporter of wheat, according to the Observatory of Economic Complexity (OEC).  

Ukrainian grain shipments will resume Wednesday at noon, easing some concerns about global food insecurity—particularly for countries that are heavily reliant on agricultural imports to meet their needs...

Three More Ships Carrying Ukrainian Grain Depart Port of Chornomorsk

On Friday, three additional ships carrying Ukrainian grain left the port of Chornomorsk, which is located on the north-western shore of the Black Sea.  

The first shipment of Ukrainian grain since Russia's invasion began in February departed Ukraine’s Black Sea port of Odesa on Monday under the agreement reached by Ukraine and Russia in late July. The ship arrived in Istanbul’s waters Tuesday evening and underwent a joint civilian inspection, said the Joint Coordination Centre...

Grain Export Deal in Question Following Russian Missile Strike on Odesa Port 

On Friday, Ukraine and Russia signed a deal in Istanbul to allow the resumption of Ukrainian grain exports via the Black Sea Ports.

Access to Ukraine's maritime ports had been blocked by Russian forces since the military invasion began in February.

The agreement was brokered by Turkey and the United Nations and is scheduled to be implemented in the next few weeks. Under the deal, up to 5 million metric tonnes of grain per month will be exported by shipping companies through safe passageways in Ukrainian waters. 

Millions of tons of grain exports have been stalled in Ukraine due to the war, pushing global food prices higher...