Wheat (image courtesy Unsplash)
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(ZEROHEDGE) – Two troubling developments may reignite global food crisis fears. The first is Russia's Geneva UN ambassador is prepared to reject a Black Sea grain agreement renewal that would disrupt Ukraine's farm goods exports. The second is government data from the U.S. that shows American farmers could export the least amount of wheat in half a century.
The most breaking development is a Reuters report on Gennady Gatilov, Russia's ambassador to the UN, who told the media outlet he delivered a letter to UN Secretary-General Antonio Guterres on Wednesday with a list of concerns about the grain deal and may decide against renewal next month if demands aren't satisfied.
Turkey brokered the Black Sea grains deal over the summer, allowing Ukraine to restart grain exports worldwide. It helped stave off a global food crisis which led to a plunge in global food prices. We should point out that global food prices are still above the 2011 Arab Spring levels.
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