Since the beginning of the ’grain initiative’, Ukraine has exported more than 11 million tonnes of its agricultural products to 38 countries worldwide
The ’grain initiative’ has been extended for 120 days allowing Ukrainian exports of agricultural goods to continue through the Black Sea corridor.
Oleksandr Kubrakov, Minister of Infrastructure of Ukraine confirmed the deal had been extended.
"The United Nations and Turkey have remained its guarantors. Since the beginning of the ’grain initiative’, Ukraine has exported more than 11 million tons of its agricultural products to 38 countries worldwide," he said.
I welcome the agreement by all parties to continue the Black Sea Grain Initiative to facilitate the safe navigation of export of grain, foodstuffs and fertilizers from Ukraine.
— António Guterres (@antonioguterres) November 17, 2022
The initiative demonstrates the importance of discreet diplomacy in finding multilateral solutions.
Wheat prices rose when Russia threatened to pull out of the initiative last month but have unwound the risk premium as confidence grew that the deal would be extended.
UK LIFFE wheat prices were trading at 262.75/tonne for the May 2023 contract at close of play on November 16, down to levels last seen in August.
