The grain agreement is stabilizing global markets and extending it could keep that balance, according to FAO economist Monika Totova.
The potential termination of grain shipments from Ukraine within the deal would inject more uncertainty into markets, a risk most visible in futures trading. If the agreement is not extended, prices could rise and volatility could increase for farmers and food buyers alike.
Supporters argue that the Black Sea grain initiative has helped steady international markets and continues to provide essential funds that allow farmers in Ukraine to keep planting and producing. This stability supports the broader supply chain and helps rural communities ride out volatile periods.
In late spring trading, wheat prices have eased as stocks from major exporters remain ample and conditions in key growing regions stay favorable. The ongoing harvest of spring crops in the Southern Hemisphere adds to a softer price environment, offering relief to buyers in North America and beyond.
Turkish authorities have confirmed that inspections of ships taking part in the grain corridor have resumed. They noted that Turkey has restarted corridor operations, signaling renewed commitment to keeping grain flows moving and markets orderly.