Russia and Ukraine have begun negotiations today to extend an agreement to export grain out of the Black Sea.
Steve Nicholson, global strategist for grains and oilseeds with Rabobank, tells Brownfield there is pressure from Turkey and the United Nations for an extension. “I’m optimistic it will get renewed, but maybe in a different form. Maybe the Russians aren’t part of that process anymore, but we need them because we need to protect the Black Sea shipping channels and continue to see those ships move through there and protected.”
The agreement will expire Saturday, March 18th, but Nicholson says Russia has expressed some concerns.