Race against time begins to extend key Ukrainian grain export agreement (Telam)

The agreement on Ukrainian grain exports, writes Telam (Argentina), key to preventing the world food crisis from deepening, expires in exactly one month and although the intensification of the war creates obstacles to its compliance, it is expected that a new extension will be approved in the negotiations starting next week.

Joseph Glauber, IFPRI senior research fellow, commented: “This war started at a time when prices were already high, stock levels were at their lowest levels in the last 10 or 15 years, depending on the commodity. [The war] couldn’t have started at a worse time, as Ukraine and Russia are important players in the markets.”

He explained that both countries together produce a third of the world’s wheat and their exports are also key for corn and sunflower oil supply, so the blockade of these exports negatively affected food security, especially in developing countries.

Glauber said he believes there will be a “strong pressure to continue the [Black Sea Grain] agreement” because of the importance of the [Ukrainian] grain supply in the world.

Read full article (in Spanish).