No Deal: Russia says it won’t extend their participation in the Black Sea Grain Deal

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Russia will not renew its participation in the Black Sea Grain Deal but some believe it will have little impact on long-term commodity prices.

The agreement to allow more than 30 million tons of grain out of the Black Sea region expires today. Moscow has told Ukraine it is formally suspending its participation. It will only re-enter the agreement if key demands are met, like their reconnection to the swift payment system.

Some analysts say the suspension is not unexpected and note it will likely have little impact on long-term prices because export volumes from Ukraine are down since the war began, but we could see some short-term volatility.

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