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Russia stalls grain deal talks again

Recent efforts to renew the Black Sea Grain Initiative have once again stalled.

“Essentially, we’re at a stalemate,” said Jim McCormick with AgMarket.Net.

McCormick says there were discussions at the G20 Summit last week, but Russia has made a list of demands. “The reality is the U.S. and other western countries are not acquiescing,” McCormick said. “It’s going to be challenging to get some of that grain out of the country.”

He tells Brownfield the issue could get more challenging due to weather issues in Argentina and Australia. “If the Southern Hemisphere crop starts to shrink back, it makes these Northern Hemisphere crops that much more important to reach the people that need it.”

The Black Sea Grain Initiative was originally brokered by the United Nations and Turkey in July 2022, but Russia ended the agreement this summer.