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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...