Russia agrees to extend the Black Sea Grain Deal

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Russia has agreed to extend the Black Sea Grain Deal. It would allow Ukraine to ship grain through the Black Sea port to areas of the world that struggle with hunger, according to AP News.

Turkey’s president said Wednesday morning the deal extends shipping for two months.

This morning, 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 Turkish officials as saying a deal would be announced later today.

Turkish President Recep Tayyip Erdogan tells AP News he wanted to deliver good news.

“I want to give a good news. With the efforts of our country, the support of our Russian friends and the contribution of our Ukrainian friends, the Black Sea Grain Initiative has been extended by another two months.”

The extension is a win for countries in the Middle East, Africa, and parts of Asia that rely on Ukraine’s wheat, vegetable oil, and barley.

Story via Susan Fraser, Jamey Keaten, and Courtney Bonnell with AP News

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