Reading Time: 2 minutes United Nations | Reuters — U.N. Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend a deal allowing the safe Black Sea export of grain from Ukraine in return for connecting a subsidiary of Russia’s agricultural bank to the SWIFT international payment system, sources told Reuters. Russia has threatened to ditch […] Read more
UN asks Putin to extend Black Sea grain deal in return for SWIFT access
Grain export initiative to expire Monday otherwise
Russia rejects bank compromise as Black Sea grain deal expiry looms
Collapse of deal could aggravate global food crisis
Reading Time: 3 minutes Reuters — Russia on Tuesday restated a demand for its state agricultural bank to be reconnected to the global SWIFT payments system to avert the collapse of the Black Sea grain deal, and said it would not accept a reported compromise proposal. With 13 days remaining until the expiry of the deal, which has allowed […] Read more
EU seen weighing concession to Russian bank over Black Sea deal
New arm of ag bank could connect to SWIFT
Reading Time: 3 minutes Reuters — The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine […] Read more
Ukraine ‘99.9 per cent’ certain Russia will quit Black Sea deal next month
Russia wants demands met on ammonia shipments
Reading Time: 2 minutes Kyiv | Reuters — Russia is 99.9 per cent certain to quit a U.N.-brokered deal on the safe wartime passage of Black Sea grain next month because it no longer needs Ukrainian ports to export ammonia, a senior Ukrainian diplomat said. The United Nations and Turkey brokered the Black Sea Grain Initiative with Moscow and […] Read more
U.S. grains: Soy, corn futures steady; wheat mixed
Large Russian exports tempered fears of Black Sea corridor agreement breakdown
Reading Time: 2 minutes Chicago | Reuters — U.S. corn and soybean futures steadied on Tuesday after the market rallied sharply at the end of last week on concerns that hot and dry weather will lead to harvest shortfalls. The market remained underpinned by the most recent forecasts, which remained unfavourable for key growing areas of the U.S. Midwest, […] Read more
Black Sea grain shipments shrink amid Ukraine deal doubts, Cargill exec says
'Grey/black' fleet seen handling more Russian traffic
Reading Time: 2 minutes London | Reuters — South American grain exports are set to overshadow Black Sea shipments this year as doubts grow over a U.N.-backed Ukraine deal and international traders cut commercial activities in Russia, a top executive with major commodities group Cargill said. The Black Sea grain deal, which allows the safe passage of grains through […] Read more
Ukraine’s farm output could take 20 years to recover, study suggests
Some crop sectors may recover more quickly
Reading Time: < 1 minute Kyiv | Reuters — Ukraine’s agricultural sector could take 20 years or more in parts to recover from the ravages of Russia’s full-scale invasion, according to a Kyiv-based research centre. Ukraine is a major global grower and exporter of wheat, corn, sunflower and sunflower oil, but its production has fallen sharply since the war start […] Read more
Kremlin says ammonia pipeline blast negative for Black Sea grain deal
Russia had sought transit for ammonia via Ukraine
Reading Time: 2 minutes Moscow | Reuters — The Kremlin said on Thursday that there would be a “negative impact” on the fate of a Black Sea grain deal from a blast which damaged a pipeline used to export Russian ammonia via Ukraine that Moscow wants restarted. The Togliatti-Odesa pipeline, which once pumped up to 2.5 million tonnes of […] Read more
U.S. grains: Wheat futures snap winning streak
Corn weak, soybeans mixed
Reading Time: 2 minutes Chicago | Reuters — U.S. wheat futures fell on Wednesday, with the most-active Chicago Board of Trade soft red winter wheat contract snapping a five-session rally that had pushed prices to their highest in nearly three weeks, traders said. But concerns about export demand for U.S. supplies pulled wheat prices lower, with high-protein offerings notching […] Read more
Extent of Saudi oil production cut unclear
Reported tensions within OPEC limit price gains
Reading Time: 2 minutes MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
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