Bloomberg discusses the importance of salvaging the Black Sea Grain Initiative. After Moscow said it would pull out indefinitely following an attack on its Black Sea fleet, Turkey, the UN, and others looked for ways to rescue the Ukrainian grain export agreement. Ukraine is one of the world’s biggest wheat, corn and vegetable oil providers, and the bulk of its exports go by sea. Even before Russia’s latest move, many food-importing nations have been struggling to pay for purchases because of the soaring dollar and strained budgets. “The initiative provided needed grains and oilseeds to a hungry world,” IFPRI senior research fellow Joseph Glauber commented. The grain corridor has had a key impact on world supplies since opening three months ago — Ukraine has shipped about 9.3 million tons of goods, and prices for corn and wheat have retreated from the highs seen earlier in the year. Republished in Yahoo, The Derrick (USA), ArcaMax (USA).
