UN, October 31. /TASS/. Wheat futures had an uptick by 6% on Monday on the back of the situation with Russia’s suspension of its participation in the grain deal, Secretary-General of United Nations Conference on Trade and Development (UNCTAD) Rebeca Grynspan said on Monday.
Uncertainty of the continuation of the Black Sea Grain Initiative is now causing the prices to rise again. Just today, wheat futures have risen by over 6%," Grynspan said.
"Fertilizers prices are still two and half times their 2019 level, producing a ‘fertilizer crunch’, where farmers, especially smallholder farmers from the developing world, are priced out of production," she noted. "In North America, fertilizers represent less than 10% of total production costs whereas in West Africa it is over 50%," the UNCTAD Secretary-General added.