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Russia’s refuses to renew Black Sea Grain deal

Black Sea Grain deal

Russia’s refusal to renew the Black Sea Grain Deal has increased global grain prices and also triggered a jump in local grain prices.

Experts say this may undermine the gains for emerging markets of stabilising grain prices through the deal.

The majority of grain from the Black Sea was primarily exported to Europe, The Middle East and North Africa.

But the availability of grain and the decline in prices indirectly benefited the global community, including South Africa.

Russia is one of South Africa’s wheat supplier accounting for an average share of 26% yearly; and experts say South Africa is not directly at risk as it has large domestic grain suppliers.

But any price increase on the international market is likely to affect the prices of grain in South Africa.

Agricultural Economist Paul Makube says, “We are impacted by developments on the international markets so any increase will have an impact on the domestic market. This is coming at a time when international food prices have been on a negative territory and inflation has been on the low side.”

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