A wartime agreement that unblocked grain shipments from Ukraine and helped temper rising global food prices will be extended by four months
“I was deeply moved to know that in Istanbul, Turkey, Ukraine, Russia and the U.N. had come to an agreement for the rollover of the Black Sea Grain Initiative, allowing for the free exports of Ukrainian grains,” U.N. Secretary-General Antonio Guterres said.
Guterres said the U.N. was “fully committed” to removing hurdles to shipping food and fertilizer from Russia. “All these issues must be resolved within 120 days for which the ‘package deal’ is extended,” the ministry said. Markets were pleasantly surprised by the extension, said Ian Mitchell, co-director of the Europe program at the Center for Global Development who specializes in agriculture and food security. Following the announcement, wheat futures prices dropped 2.6% in Chicago.
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