Wheat Prices Fall on Signals Ukraine, Russia Will Renew Grain Deal

Wheat prices are down after Turkish President Recep Tayyip Erdogan said Russia had signaled it was open to extending a deal that safeguards Ukrainian grain exports.

Moscow pulled out of the agreement in late October, before saying it would rejoin. The deal has allowed Ukraine to export millions of tons of grain through Black Sea ports in recent months. It is up for renewal Saturday. Russia’s flip-flop had raised concerns the two sides would fail to agree on terms.

Mr. Erdogan said at the G-20 summit in Indonesia that President Vladimir Putin had given him “green lights” in relation to an extension.

The deal has boosted global supplies of grain. That has helped push wheat prices down almost 40% from their closing high in early March and alleviated strains on poorer countries that had struggled to pay for food in the weeks after the invasion.

Tags: wheat, deal, agreement, Black Sea ports, Ukraine, Russia, prices