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Kremlin-No Positive Prospects For Future Of Black Sea Grain Deal

WHEAT

Wires carrying comments from the Kremlin stating that it 'sees no positive prospects for the future of the Black Sea grain deal', adding that 'part of grain deal affecting Russia remain unfulfilled, [the situation] can't go on like this forever.' The Black Sea Grain Initiative could expire as soon as 17 July if Russia does not approve its extension.

  • Moscow's complaints have focused on the supposed inability of Russia to export fertiliser via Ukrainian ports due to damage to an ammonia pipeline running from Tolyatti in Russia to Odessa on the Ukrainian Black Sea coast. Since then, Odessa has been subjected to Russian missile attacks.
  • Should the grain deal fail to be renewed it would see food price inflation spike significantly in the MENA region - which relies heavily on Black Sea wheat - as well as sustaining high food price inflation in Europe due to the decrease of supply on the global grain market.
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EM BulletHomepagemarkets-real-timePolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletBulletEmerging Market News

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