Farmers use harvesting vehicles to harvest grain in Stavropol Krai, one of Russia's most important agricultural lands is seen in Stavropol, Russia on July 16, 2023. Hours before the agreement's expiry, Russia said Monday that it would not renew the Black Sea Grain Initiative. The Black Sea Grain Initiative has been repeatedly elongated in short increments, amid increasing discontent from Russia over perceived restrictions that limit the full dispatch of its own grain and fertilizer exports. Wheat prices remain well below the peak levels of 1177.5 cents per bushel reached in May last year, however. Corn futures soared to a high of 526.5 cents per bushel, while soybean futures surged to a high of 1,388.75 cents per bushel.

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Persons: Dmitry Peskov, Vladimir Putin, Cyril Ramaphosa Organizations: United Nations, Initiative, South Locations: Stavropol Krai, Stavropol, Russia, Turkey, Ukraine, Russian