Reports from Turkish media released earlier today suggested that Russia and Ukraine are close to agreeing on an extension of the Black Sea grain initiative that would allow Ukrainian maritime grain exports to continue. Also, Russian media reported over the weekend that a 60-day extension is the most probable option. Those media revelations have just been confirmed by Turkish President Erdogan, who said that Russian and Ukraine agreed to a two-month extension.
WHEAT ticked lower on the news. However, the move was rather small as a bulk of market re-pricing occurred following news from Turkish media released earlier today.
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WHEAT at 15-minute interval. Source: xStation5
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