CME Grain Futures Under Pressure After Renewal of Black Sea Grain Initiative
The Black Sea Grain Initiative, a deal brokered by the UN and Turkey last summer, was extended for at least 60 days on Saturday, the day it was due to expire.
Following Russia's attack on Ukraine over one year ago, the agreement was first set into motion in July 2022 in order to supply the global marketplace with food and fertilizer.
Both Russia and Ukraine are among the world's top suppliers of arable crops including wheat, corn, and oilseeds. Moreover, Russia is a major supplier of energy and fertilizer to the world markets. The war in Ukraine has limited...
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