Black Sea grain deal is extended for 120 days

United Nations (UN) Secretary-General Antonio Guterres welcomed the agreement to “facilitate the safe navigation of export of grain, foodstuffs, and fertilizers from Ukraine.”

Ukraine and Russia are major grain exporters, accounting for around 25% to 30% of the world’s wheat exports. Companies across Europe, Africa, and Asia depend on the availability of these raw materials to maintain their production lines.

As GlobalPETS reported earlier this week, pet food manufacturers were already looking for alternatives, usually more expensive, to get this critical raw material if the situation worsened. The European Pet Food Federation (FEDIAF) warned that the situation in the Black Sea was “increasingly challenging.”

Over 10 million tons of grain and other foodstuffs have been exported via the Black Sea Grain Initiative as of November 2022. More than 40% of the cargo was maize, followed by wheat (28.5%).

According to the UN’s Black Sea Grain Initiative Joint Coordination Centre, 66% of wheat exported through the deal reached developing countries.