Black Sea grain deal’s impact on global food security
An ag economist says ensuring that grain can be transported through the Black Sea safely could improve global food security.
Jim McCormick with AgMarket.Net says many countries depend on food products from the region.
“Roughly about 7% of the world’s wheat comes out of that part of the world, Ukraine and roughly 15% of the world’s corn supply comes out of that part of the world.”
The Black Sea Grain Initiative was extended this week, but McCormick tells Brownfield, “How intense of a problem it’s going to be is going to depend on how the rest of the world’s production cycle goes. The US is off to a great planting pace and off to a really good start in mid-summer. It may not have quite the influence if we’re struggling for some reason.”
Turkey’s president announced Wednesday the deal was extended for two months.