published an article
stating Ukraine and Russia have agreed on a safety zone of 10 nautical miles to protect neutral cargo ships carrying grains from the latter’s ports on the Black Sea. Countries in the Middle East and North Africa depend on wheat from Ukraine and Russia. The latter has only recently allowed wheat exports to resume. Traders have other concerns. Wheat prices have held firm and even bounced 5 percent over the past couple of weeks in Paris and Chicago. The price in the Midwest city is at $794 per bushel, close to its level just before Russia’s full-scale invasion of Ukraine. According to IFPRI, you would imagine wheat prices should dip on the promise of increased supply. But it is early days for Ukrainian exports. Doubts exist about how quickly any new crop can be harvested and stored when 13 percent of last year’s crop remains in silos.