News

Putin threatens to leave Black Sea grain deal again

Russia has warned it could again pull out of the Black Sea Grain Initiative with Ukraine, adding to the uncertainty of agricultural shipments.

Bill Biedermann is with AgMarket.Net. “There was about 200 vessels in port desperately wanting to get out, and not very many wanting to get back in,” he said. “Even if Russia says it’s a go, not really sure how many vessel owners are going to send their ships in.”

He tells Brownfield corn and wheat futures fell after the deal resumed on Wednesday. “This sell off that we’re having is probably going to take us down near support,” Biedermann said. “We’ve filled the gap we left when they said they were going to shut down exports, so we’ll see if this is where we lie and sit for a while.”

The United Nations says approximately 9.52 million tons of ag commodities were shipped in the Black Sea Region from August through the end of October.

Russia is signaling it’s unlikely to agree to an extension of the Black Sea export corridor agreement, which expires later this month.