“I welcome the agreement by all parties to continue the Black Sea grain initiative to facilitate the safe navigation of export of grain, foodstuffs and fertilisers from Ukraine,” UN Secretary General Antonio Guterres said in a statement on Thursday.

Guterres said the UN was also “fully committed to removing the remaining obstacles to exporting food and fertilisers from the Russian Federation” - a part of the deal Moscow sees as critical.

Since July, some 11.1 million tonnes of agricultural products have been shipped, including 4.5 million tonnes of corn and 3.2 million tonnes of wheat.

Wheat prices on the Chicago Board of Trade fell following the news that the agreement would be extended with the benchmark contract Wv1 down 1.6% at $8.04 a bushel while corn prices Cv1 fell 0.7 per cent to $6.60-1/2 a bushel.

A drop in shipments from Ukraine following Russia’s invasion in February has played a role in this year’s global food price crisis but there have also been other important drivers including the Covid-19 pandemic and continued climate shocks such as droughts in both Argentina and the United States.