Russian state news agency TASS reported on Wednesday that a deal allowing the safe export of grain from Ukraine’s Black Sea ports will be automatically extended after it expires on March 18 if there are no objections from the involved parties.


According to TASS, which cited an unnamed source familiar with the negotiations surrounding the agreement, no party involved has yet signaled

a withdrawal.
On Monday, Russia proposed renewing an agreement allowing for the safe export of grain from Ukraine’s Black Sea ports, but for only 60 of the 120 days of the previous renewal. The United Nations has pledged to do everything possible to ensure the agreement’s integrity remains intact.
According to TASS, a source said that the deal would continue after March 18 if there were no objections from either party.

According to the information provided, it does not matter how long the extension is.

If the extension is approved, the agreement will remain in effect after March 18; however, after 60 days, either party may request to terminate the agreement.

Due to market expectations of a contract extension, the price of corn and wheat has fallen.