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Black Sea grain deal faces more uncertainty
An ag economist says Russia has once again threatened to back out of the Black Sea Grain Initiative.
Greg McBride, Director of Brokerage with Allendale, says there could be significant fallouts for US farmers if the agreement isn’t extended by mid-May.
“It would be bullish to the market,” he said. “It would bring back this food security issue, and then the other part of it is the fertilizer to the rest of the world. Russia is the largest exporter of fertilizer in the world.”
He tells Brownfield Russia has said it isn’t being treated fairly.
“Russia has been talking about how they weren’t getting enough of an opportunity to ship their own grain and their own fertilizer through that corridor.”
McBride says there has been some pressure from Turkey and the United Nations for an extension.
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