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.”
Read full article.