MEXICO CITY- Chicago grains and soy ended the week higher as hopes dimmed for the renewal of a U.N.-brokered deal allowing the safe Black Sea exports of Ukraine grain.
Ukraine, Russia, Turkey and the United Nations failed to reach an agreement to authorize any new vessels to carry out Black Sea grain exports on Friday, deputy U.N. spokesperson Farhan Haq said.
The most-active wheat and corn futures contracts made their first weekly gains in three weeks, coming off two-year and nine-month lows, respectively. Russia has said it will not extend the Black Sea pact beyond May 18 unless its list of demands over its food and fertilizer exports is met.
“The Russians are giving no indication that they are budging on the corridor extension,” said Charlie Sernatinger, head of grains for Marex Capital, in an analyst note.
The pace of grain shipments from Ukraine under the initiative has slowed as concerns grow over ships getting stuck if a deal is not renewed, according to sources and data. – Reuters
