Free Trial

Erdogan Hopes Foreign Ministers Meeting Can Lead To Grain Deal Progress

WHEAT

Wires stating Turkish President Recep Erdogan hopes that a meeting today between Turkish Foreign Minister Hakan Fidan and Russian Foreign Minister Sergei Lavrov can leader to "progress" on the Black Sea grain deal.

  • According to Reuters, Erdogan says he believes Russian President Vladimir Putin wants to see a continuation of the deal and he will discuss Russia's demands with Putin in the coming weeks. Putin and Erdogan are next scheduled to meet in person in August but Erdogan says he may speak with Putin earlier.
  • News today that Russia would not extend the grain deal caused a spike in wheat futures. The price has since retraced slightly, likely on Kremlin comments declining to rule out a return to the deal if Russian demands are met.
  • Markets will be watching for signs that Fidan and Lavrov can outline a credible plan for the extension of the deal. Turkey is considered the most influential broker between Russia and Ukraine but a handshake deal by Erdogan to allow Sweden's NATO membership appears to have aligned Ankara more closely with the west and may have degraded Erdogan's negotiating position with Putin.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.