We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Privacy Terms and Cookie Policy
Balanced Reporting. Trusted Insights.
Monday, October 02, 2023
Russian attacks inflicted severe damage on key grain-exporting ports in Odesa this week, and Moscow is threatening ships in the Black Sea, a primary route for Ukrainian grain exports.
United Nations officials on Monday lamented Russia’s decision to effectively terminate the Black Sea Grain Initiative by pulling out of the deal, but also said they will continue to fight to revive the UN-brokered agreement.
United Nations Secretary General Antonio Guterres confirmed Monday that Russia has pulled out of the Black Sea Grain Initiative, ending the ability of Ukraine to ship grain through its Odesa ports.
Moscow seems intent on letting the Black Sea Grain Initiative expire this coming Monday, but the United Nations is equally resolved to preserve the deal and prevent food prices from rising in some of the poorest nations.
The drought that continues in much of the Midwest despite recent rainfall could affect not only crops but also the ability of producers to get their corn and soybeans to foreign markets.
Russia’s threat to pull out of the Black Sea Grain Initiative continues to threaten global supplies of wheat and corn, but China would be one of the biggest losers would be China if that happens.
The United Nations was quick to applaud a deal struck in mid-May to keep the Black Sea Grain Initiative from imploding under Russian pressure, but about two weeks later Moscow is again blocking vessel access to Ukrainian ports amid talks to clear an obstacle to Russian ammonia exports.
A deal has been reached to keep Ukrainian grain exports flowing out of Odesa ports for at least two more months under the Black Sea Grain Initiative, according to Turkish President Recep Tayyip Erdoğan.
Ukraine’s ability to keep exporting wheat, corn and other ag commodities under the threatened Black Sea Grain Initiative will be a major focus when world ag leaders meet later this week in Japan for a summit ofG7 agriculture ministers, says USDA Secretary Tom Vilsack, who will be attending.
