Russia Exits Black Sea Grain Agreement

Russia has announced it will no longer participate in the Black Sea Grain deal, ending Ukraine’s opportunity to export ag products through the Black Sea. Russia cites the withdrawal as a lack of value in the deal, saying their grain and fertilizer export needs have already been met.

The announcement could lead to volatility in the grain markets after prices already soared higher to start the week. Ukraine’s lack of access will further compound ongoing global food security concerns as the country remains a top agricultural producer worldwide.

Read more on Russia’s exit from the Black Sea Grain deal here.