Black Sea grain deal extended, uncertainty remains

An ag economist says the United Nations helped broker a deal over the weekend that extends the Black Sea Grain Initiative.

Jim McCormick with AgMarket.Net says there’s still some uncertainty around the agreement.

“It’s kind of clear as mud,” he said. “The Ukrainians say the extension is for 120 days, but the Russians are saying the extension is only for 60 days.”

He tells Brownfield Ukraine will continue to ship grain through the Black Sea Region, but Russia has voiced some concerns with the deal.

“The Russians are still complaining about access to their markets, banking situations, and the US and European sanctions.”  

McCormick says the wheat and corn markets were under pressure Monday.

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