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Russia has withdrawn from the Black Sea Grain Initiative, a deal that allowed the export of Ukrainian grain across the Black Sea, sparking concerns about global food security. The agreement, brokered by Turkey and the United Nations, aimed to prevent a global food crisis. Wheat, corn, and soybean prices all rose on the news. Experts warn that Russia’s withdrawal could lead to higher grain prices and increased dependence on Russian wheat for low-income countries in Africa and the Middle East. The deal had allowed over 32 million metric tons of food commodities to be exported from Ukraine to 45 countries worldwide.

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