After the agreement came into effect, prices on world markets stabilized

World grain prices rose sharply after Russia announced the suspension of its participation in the "grain agreement".

This is reported by

Bloomberg

.

World grain supplies have decreased since Ukrainian ports were unblocked and the grain corridor opened three months ago.

During this time, Ukraine managed to ship more than 9 million tons of grain and other agricultural products, thanks to which it was possible to stabilize the prices of corn and wheat.

The agreement was due to expire on November 19, while Moscow has repeatedly expressed doubts about the extension of the agreement.

Wheat is currently trading at $8.78 per bushel, down significantly from $13.6350 per bushel in March.

"The world relies on the Black Sea region to export more than a quarter of its wheat and barley, about a fifth of its corn shipments, and the bulk of its sunflower oil supplies.

An early termination of the grain deal could also jeopardize a major export route for fertilizers that farmers rely on to grow sufficient crops," Bloomberg said.

It will be recalled that earlier the Ministry of Foreign Affairs of Poland stated that by withdrawing from the "grain agreement"

Moscow showed its attitude

towards international agreements.

Also, we previously informed that the UN 

reacted to Russia's withdrawal

 from the "grain agreement".

Read also:

  • Russia is blackmailing the UN: it threatens to withdraw from the "grain agreement" in case of non-fulfilment of requirements

  • When the war will end: Kyrylo Budanov provided a forecast for the next year

  • Iran will supply Russia with ballistic missiles: will Israel help Ukraine - the expert's answer

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