Wheat under pressure
Although doubts over yet another extension of the Black Sea Grain deal are being expressed, the large volumes Russia and Ukraine are exporting at the moment are weighing on wheat. Initially brokered between Ukraine, Russia and Turkey and the United Nations in July, the deal was only extended by 60 instead of 120 days in March as Russia is demanding the lifting of some sanctions for exporting food and fertilisers.
Russia, however, exported as much as 4.7 million mt in March and recently won the Egyptian tender over 600,000 mt. Ukraine als