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Russia backs out of grain deal

Over the weekend, Russia left an agreement allowing grain to move safely through the Black Sea Region. The grain and oilseed markets are responding. Russia accused Ukraine of attacking its fleet in the Black Sea. STONEX Group Chief Commodities Economist Arlan Suderman says there are greater risks to shipping grain out of the region. “This raises the risks of a slowdown or stoppage of grain out of the ports. One dozen ships left on Monday and four more entered the ports to load up and leave.” Wheat, corn and sunflower oil shipments are commodities of concern. Suderman says Ukraine and the United Nations are still working together to move ships out. “Bottom line: tensions are escalading between Russia and Ukraine.”