Maksym Beltchenko/iStock via Getty Images
An agreement allowing Ukraine to export grain from Black Sea ports has been renewed beyond its March 18 deadlinealthough the length of the extension is unclear.
While Ukrainian officials said on Saturday that the deal was renewed for another 120 days, a spokesperson for the Russian Foreign Ministry said it was accepting a 60-day extension, after warning earlier that a longer extension would depend on certain restrictions being lifted Western sanctions.
The UN Secretary General also said in a statement that the agreement had been extended, without giving a time limit.
AND F : (NYSEARC:WHEAT), (BUT), (SOY), (DBAs) (moo)
The Black Sea Grains Agreement has enabled more than 25 million tonnes of crop shipments from Ukraine since it was first negotiated by the United Nations and Turkey in July.
Before the renewal of the cereals agreement, Chicago wheat futures posted their first weekly gain in five.