Farm Policy News quoted Reuters in a report, writing, “Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine’s Black Sea ports should be renewed for just 60 days.”
In more detail regarding wheat prices, Joseph Glauber, a senior research fellow with the International Food Policy Research Institute, indicated in a blogpst update (Assessing tight global wheat stocks and their role in price volatility) this week that “The Russia-Ukraine war has caused significant price volatility in agricultural markets over the past year—for wheat, in particular, price levels and price volatility reached the highest levels since the 2007/08 marketing year. Both have fallen back to pre-war levels over the past six months, but volatility remains high relative to historical levels, indicating that significant market uncertainty remains, creating ongoing vulnerability for global food security.”
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