Report: Black Sea Grain Deal will be extended

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Grain markets were whipsawed in overnight trade as traders awaited confirmation that an extension has been reached in the Black Sea grain deal.

Bloomberg cited unnamed Turkish officials as saying a deal would be announced later Wednesday. So far neither the United Nations, which has been brokering a deal, nor Russia nor Ukraine has confirmed the deal will be extended. It expires on Thursday.

Russia has expressed concerns about its own grain and fertilizer exports. But USDA’s own research on the vulnerability of trade in the Black Sea region shows Russia has significantly reduced transparency of its data since the war began.

“The new [USDA] trade report shows that despite the Russian government’s continuous claims of export challenges, Russia’s grain and oilseed exports have thrived during the current marketing year with ample supplies and competitive prices,” said Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor. This has led to “requiring USDA analysts to find additional data sources to accurately measure agricultural trade in the region,” she added.

Story via Selcan Hacaoglu, Aine Quinn, and Megan Durisin with Bloomberg

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