Wheat futures have declined so far in 2023, after settling last week at their lowest prices in more than a year, pressured by “abundant” supplies, despite the usual uncertainty surrounding the potential renewal of the Black Sea grain export deal between Russia and Ukraine.
The Black Sea Grain Initiative, brokered by the United Nations and Turkey in July of last year to supply global markets with food and fertilizer as the Russia-Ukraine war led to global shortages and rising prices, is due to expire on May 18. The deal had…
