Russia Does an About Face; Rejoins Grain Deal

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On Wednesday morning, it was announced that Russia has re-entered the Ukraine grain deal to allow grain and ag shipments out of the Black Sea corridor. Over the weekend, Russia announced it was suspending its role in the deal after a reported Ukraine drone attack on Russia’s Black Sea fleet.

Turkey and the United Nations are the ones to credit with getting Russia to resume its role in the grain deal. The deal however is set to expire on November 19th and that means negotiations will have to continue to extend the agreement.

The news sent the commodity markets, especially wheat and corn, sharply lower in early trading on Wednesday.

Read more about this on-going situation from Reuters below:

https://www.reuters.com/world/europe/grain-ships-sail-ukraine-ports-russian-missiles-knock-out-power-across-country-2022-10-31/

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