Russia-Ukraine’s deal expires rising wheat prices by 3%
QAMISHLI, Syria (North Press) – Russian presidential spokesman Dmitry Peskov told reporters on Monday that the Black Sea grain deal has ended, prompting Turkey to resurrect the agreement and causing wheat prices to rise.
“The Black Sea agreements are no longer in effect,” Peskov said.
For his part, Turkish President Recep Tayyip Erdogan said that Turkish Foreign Minister Hakan Fidan will speak to his Russian counterpart, Sergey Lavrov, about the deal over the phone, according to Turkey’s official Anadolu Agency.
Erdogan may also hold his own phone call with Putin before the end of the month, according to Anadolu.
The price of Chicago wheat futures rose 3% to more than $6.84 a bushel in response to the news. However, the price had fallen back to around $6.61 as of 10 a.m. ET, according to market data.
Russia and Ukraine signed deals with Turkey and the United Nations (UN) in July to allow the passage of grain, fertilizers and other exports from the warring countries to international customers via the Black Sea. The exports had been disrupted by the Russian invasion of Ukraine in February 2022.