Wheat fell after the renewal of an agreement that allows Ukraine to safely export grain from key Black Sea ports, although the length of the latest extension was disputed. Ukrainian Infrastructure Minister Oleksandr Kubrakov said over the weekend that the contract had been extended by another 120 days, but Russia and an unnamed Turkish official said the extension was only for 60 days. The two main commodities supplied under the agreement are wheat and corn, whose prices have fallen. Russia's invasion of Ukraine sent wheat futures soaring in the first half of 2022 on fears of major supply disruptions. The Black Sea Grain Initiative allowed exports to take place after it was brokered by the United Nations and Turkey in July, helping to reduce food inflation. Chicago wheat futures were down 1.7 percent at $6.985 a bushel as of 1:49 p.m. in Singapore after notching their first weekly gain since early February on Friday. Corn was down 1.1% at $6.275 a bushel, its first decline in ...

Source

Dnes

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