Negotiations to extend the Black Sea Grain intiative look to pick up this week, a Ukrainian official tells Dow Jones.
Russia says it will stop participating in the deal this month unless its demands are met. Traders, however, remain unconvinced, saying, “The market is oversold, but that hasn’t mattered.”
Markets analyst, Mike Zuzolo, a frequent guest on Market Day Report shared his insight on the rumors.
“The second reason Hard Red Wheat is not finding support because of the European wheat is because I’ve seen more and more traders remark that they think the Black Sea Deal is going to get extended between Ukraine and Russia and negotiations are ongoing, so I think we’ve probably priced in a discount there as well.”
Story via Kirk Maltais with Dow Jones Newswires
