Vladimir Putin's u-turn: Russia resumes participation in Ukraine grain deal

Russia-Ukraine War: Erdogan said Russian authorities made the pledge with their Turkish counterparts earlier.

Turkish President Recep Tayyip Erdogan said shipments via the Ukraine grain corridor would resume around midday on Wednesday.

Russia-Ukraine War: Commercial vessels including vessels which are part of Black Sea grain deal wait to pass the Bosphorus strait off the shores of Yenikapi. (Reuters)

Speaking to governing party lawmakers in capital Ankara, Erdogan said Russian authorities made the pledge with their Turkish counterparts earlier.

Wheat futures traded in Chicago dropped and traded down 3.6% on Wednesday, erasing some of this week’s earlier gains after Russia said it was suspending involvement in the deal over the weekend.

Grain prices have been volatile over the past few months amid speculation over the fate of the deal which was set to be renewed in mid-November.

Turkey hosts the joint coordination center for the corridor, where the UN announced a halt to grain ships moving crops, following a warning from Russia that ships weren’t safe using the route.