European wheat markets have fallen sharply this week, dropping back to price levels seen towards the end of last month. Markets had previously risen due to concerns around the Ukraine Black Sea export deal with Russia and the UN not likely to renew next month, which will be when the timeline for the previous agreement comes to an end. Recent comments from Russian officials suggested some dissatisfaction that the deal was not working in its favour. However, in a public address this week, President Putin made no comments to indicate the deal will not be renewed. Despite this, a date for renegotiation has not yet been set. Ukraine will ask Turkey and the UN for a one-year extension to the export deal and to expand it to include the ports of Mykolaiv.
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