This also reduces the likelihood of Ukraine continuing to export agricultural products after the expiration of the so-called grain deal with Russia. This conflict disrupted the agricultural sector in the region, causing concerns about food security and the impact on global grain prices. However, in a move that added further strain to the already tense relations, Russia allowed the grain deal to expire. As both Ukraine and Russia are significant grain exporters, disruptions in their agricultural sectors can lead to fluctuations in global grain prices, affecting countries heavily reliant on grain imports. The expiration of the grain deal and the Russian threat to vessels bound for Ukrainian ports have contributed to a surge in grain prices, raising concerns about food security on the global stage.

Source: Wall Street Journal July 20, 2023 14:18 UTC