Black Sea grain export deal extended

STORY: Agreement has been reached to extend the Black Sea grains deal.

The news came early Thursday (November 17).

Originally agreed in July, the pact creates a sea corridor for the export of grains from three ports in Ukraine.

It’s allowed some 11.1 million tonnes of grain to be shipped, alleviating global food shortages.

Kyiv says it will now run for another 120 days.

U.N. Secretary General Antonio Guterres hailed the move to extend the agreement.

He said the U.N. was also committed to removing obstacles to Russian exports of grains and fertilisers.

That’s a part of the deal that Moscow sees as critical.

Such exports aren’t officially affected by western sanctions, but Russia complains they have been made difficult in practice.

A Reuters source says negotiations continue over the country’s exports of ammonia - a key ingredient in fertilizers.

A U.N. official said solving the “fertiliser crunch” should be next on the to-do list.

Grain prices fell following news of the extension.

Wheat futures dropped over 2.5%, with corn also down.