![]() It is also by far the biggest exporter of sunflower oil, accounting for 46% of the world’s exports, according to the United Nations. Ukraine is among the world’s top three exporters of barley, maize and rapeseed oil, says Gro Intelligence, an agricultural data firm. The collapse of the deal is likely to have repercussions far beyond the region.īefore the war, Ukraine was the fifth-largest wheat exporter globally, accounting for 10% of exports, according to the Organisation for Economic Co-operation and Development. Over the weekend, Russian President Vladimir Putin indicated that he would not renew the pact, saying that its main purpose - to supply grain to countries in need - had “not been realized.” The deal had been renewed three times, but Russia has repeatedly threatened to pull out, arguing that it has been hampered in exporting its own products. So far the deal has allowed for the export of almost 33 million metric tons of food through Ukrainian ports, according to UN data. The agreement was set to expire at 5 pm ET Monday (midnight local time in Istanbul, Kyiv and Moscow). The Black Sea deal - originally brokered by Turkey and the United Nations in a year ago - has ensured the safe passage of ships carrying grain from Ukrainian ports. Wheat prices are still down 54% from the all-time high hit in March 2022 following Russia’s full-scale invasion of Ukraine, while corn prices are 37% lower than they were in April 2022, when they reached a 10-year high. The contracts gave up those gains later in the day. Wheat futures on the Chicago Board of Trade jumped 2.7% to $6.80 a bushel and corn futures rose 0.94% to $5.11 a bushel as traders feared an impending supply crunch of the staple foods. “Russia’s decision to suspend participation in the Black Sea Grain Initiative will worsen food insecurity and harm millions of vulnerable people around the world,” Adam Hodge, a spokesperson for the US National Security Council, said in a statement. The White House said the deal had been “critical” to bringing down food prices around the globe, which spiked after Russia invaded Ukraine in February last year. The collapse of the pact threatens to push up food prices for consumers worldwide and tip millions into hunger. ![]() Wheat and corn prices on global commodities markets jumped Monday after Russia pulled out of a crucial deal allowing the export of grain from Ukraine.
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