On Saturday, Russia announced that it is suspending participation in the U.N. brokered grain deal to move grain out of Ukraine.
The move, according to Russia, is in response to a drone attack on it’s fleet in the port city of Sevastopol. According to an article from Reuters, Russia said in a statement it could not “guarantee safety of civilian ships” travelling under the pact after an attack on its Black Sea fleet on Saturday.
On Sunday, the U.N. along with Turkey and Ukraine have said they have a plan in place to move 16 ships (12 outbound and 4 inbound) on Monday, October 31st despite Russia backing out of the grain deal.
Wheat markets overnight into Monday shot higher amid the ongoing concern over the grain deal and whether or not it would continue.
This is on-going, developing story. Read more from Reuters here: https://www.reuters.com/world/europe/russia-suspends-participation-deal-ukraine-grain-exports-tass-2022-10-29/
