The Russian blockade of Ukraine's "Grains from the Black Sea" initiative, which guarantees the export of grains and oilseeds through three ports, has caused tension and uncertainty in the global market. The end of the agreement and Russian attacks on Ukrainian port infrastructures caused immediate increases in wheat prices globally. Wheat prices have only reached levels seen in April, while corn prices have turned lower due to improved yields in the US and record harvest in Brazil.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
In recent weeks there has been an avalanche of information in relation to the Russian blockade of the "Grains from the Black Sea" initiative, through which Ukraine had guaranteed the export of grains, oilseeds and other derivatives through the maritime corridor of three of its ports (Odessa, Chornomorsk and Yuzhny/Pivdenny). On July 17, the Kremlin decided to suspend its participation, as it had already been announcing, in the agreement that, after the Russian invasion, allowed these exports and that was negotiated a year earlier with the intermediation of the United Nations and Turkey, to alleviate the world food crisis, mainly in the least developed countries, and guarantee the exit of the cereal from Ukraine, one of the main grain operators in the international market. The official confirmation of the news, not expected, as well as the subsequent Russian attacks with missiles and drones against port infrastructures and grain storage silos in Ukraine, is creating a lot of ...
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