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Wheat prices rise by nearly 3% as Russia-Ukraine grain deal expires

Turkish President Recep Tayyip Erdogan said he may call his Russian counterpart, Vladimir Putin, in an effort to save the export deal. The deal’s termination could have economic effects on the Middle East.
The Barbados-flagged ship "Nord Vind" coming from Ukraine loaded with grain is anchored for inspection in Istanbul, on Oct. 11, 2022.

Russia said on Monday that the Black Sea grain deal has ended, prompting Turkey to try and resurrect the agreement and causing wheat prices to rise.

“The Black Sea agreements are no longer in effect,” Russian presidential spokesman Dmitry Peskov told reporters, according to Russia’s official TASS news agency. “Unfortunately, the part of the Black Sea agreement that concerns Russia has not yet been fulfilled.”

Turkish President Recep Tayyip Erdogan said on Monday that he believes his Russian counterpart, Vladimir Putin, wants the deal to continue, according to Turkey’s official Anadolu Agency.

“Despite the statement today, I believe that Russian President Putin wants this humanitarian bridge to continue,” said Erdogan to reporters in response to the news.

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