An ag economist says tensions remain high in the Black Sea Region.
Allendale chief strategist Rich Nelson says a recent report indicates Russia attacked a ship near a port in Ukraine’s Odesa region.
“The trade did have a little spike up in terms of Wednesday’s trade higher,” he said. “Keep in mind, however the trade focus is still based on the idea that Russian overage in wheat exports so far are still overshadowing what is a decline in Ukraine wheat exports in recent months.”
He tells Brownfield no progress has been made on a return to the Black Sea Grain Initiative, a deal originally brokered by the United Nations and Turkey in July 2022 that allowed Ukraine to export ag goods through the Black Sea.
