New expectations for grain-export agreement renewal

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Russia and Ukraine are both seeking changes to their landmark grain-export deal as part of discussions to extend the initiative beyond the current deadline next month, according to the United Nations. Russia wants to see a pipeline that transports its ammonia to Ukraine’s Odesa port for shipment reopened as part of the new terms and Ukraine is seeking to extend the deal by more than a year, and include Mykolayiv as a fourth exporting port. The actual volume of grain exports by Ukraine since the beginning of the 2022/2023 marketing year as of October 14 is 10.5 million tons, down 34% or 5.41 million tons year over year.  US wheat futures rebounded on Thursday from two days of declines on concerns that a Black Sea export corridor deal may not be renewed next month, which could again disrupt grain shipments from Ukraine.


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