Russia’s withdrawal from the Black Sea Grain Deal earlier this week has kept the markets on alert and has sent prices higher since then. Analysts, however, say it is Russia who stands to make the most from the uncertainty.
Wheat futures in Chicago have hit the highest levels in nearly a month, and corn is up nearly 10 percent. Executives at Quanton Commodities say Russia wants and needs commodity prices for grain and oil to go higher. They say it is all about sending a message to places like the United States that they are taking the situation seriously and want more out of the deal.
Russia has said they will rejoin the pact if certain demands are met, like their reconnection to the Swift payment system.
