This week, the world’s wheat futures markets have recovered all the losses they took last Friday. Prices then fell sharply due to Russia and Ukraine signing a deal with Turkey and the United Nations (UN). The deal set out to ship trapped wheat and other grains and oilseeds from Ukraine’s Black Sea ports. However, the market is now reacting to the reality that shipping through these ports will, for some time, be a slow process as there are challenges in securing the resources needed to resume operations whilst the hostilities with Russia continue. Russia launched a missile attack on a vessel in Odessa a day after the deal was signed, which highlighted the fragile nature of the agreement. A week later we are still waiting to see the first vessel to sail.

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