Grain prices retreat as Russia announces return to Black Sea grain deal

By Tuba Sahin

ANKARA (AA) – Grain prices eased as soon as Russia announced on Wednesday it is returning to implementation of the Black Sea grain corridor deal reached this July.

Chicago wheat futures decreased 6.58% to $8.4 per bushel at 1050GMT as supply concerns mitigated with the resumption of the deal.

Corn prices fell 2.30% to $6.8 per bushel on Wednesday after hitting their highest level in three months on Monday.

On Saturday, Moscow suspended its participation in the deal that allowed for the export of Ukrainian grain, accusing Kyiv of attacking its Black Sea Fleet.

On July 22, Türkiye, the UN, Russia, and Ukraine signed a deal to resume Black Sea grain exports, which were paused after the Russia-Ukraine war began in February.

The deal had relieved pressure on wheat prices after a peak of $14 per bushel in March.

Both Russia and Ukraine are among the world's largest wheat exporters.