Agriculture: The Black Sea Grain Initiative is approaching a critical moment, with potentially large impacts on global agricultural prices
Written by Black Hot Fire Network on May 6, 2023
Uncertainties around the extension of the deal
18 May is on the agenda of all observers of international trade. On that date (small delay is possible), we will know if the Black Sea Grain Initiative is extended. Until now, the Black Sea Grain Initiative has been key to moderate global prices of grains (see first graph below). Indeed, according to official figures of the United Nations, 56% of exported commodities via the agreement are destined for developing countries. Shipping by importing region and country under the Black Sea Grain agreement is shown in the graphs below.
