Before the ink could dry on an agreement to allow grain shipments out of Ukraine, Russia attacked the port of Odessa. And around the same time, forecasts called for hot, dry conditions for the northern Plains and western Corn Belt.
Griffiths said Turkish, Russian and Ukrainian military officials were working with a U.N. team at a Joint Coordination Center in Istanbul to hammer out standard operating procedures for the deal agreed by the four parties last Friday.
Russia and Ukraine signed a landmark deal on Friday to reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.
Joe Glauber and David Laborde, economists with the the International Food Policy Research Institute, give a global agriculture outlook and policy on April 25, 2022, at the North American Agricultural Journalists annual meeting in Washington, D.C.
Futures prices for corn and wheat had rocketed so abruptly that many along the complex chain of grain handling — local farm cooperatives, grain elevators, flour millers and exporters — stopped buying for fear they couldn't resell at a profit.
Russia has pushed the West to the negotiating table by massing troops near Ukraine's border as it presses a set of far-reaching demands that would prevent Ukraine from ever joining NATO and roll back two decades of alliance expansion in Europe. Washington has said it cannot accept these demands.