UN, Turkey, Ukraine to move 16 vessels under Black Sea grain deal

The United Nations (UN), Turkey, and Ukraine have agreed to move 16 vessels today that are in Turkish waters, after Russia suspended its participation in the Black Sea grain initiative.

The initiative, backed by the UN, helped ease Russia’s blockade in the sea, reopening three Ukrainian ports to allow food exports from Ukrainian to world markets.

Moscow’s move made Chicago’s wheat futures jump more than 5% on Monday, as both Russia and Ukraine are top global wheat exporters. According to the US Department of Agriculture, Ukraine is the world’s top producer and exporter of sunflower meal, oil and seed, and the seventh largest wheat producer in the world.