Agri-Pulse reports:

It came down to the wire on Saturday, but a United Nations-brokered deal to keep the Black Sea Grain Initiative alive was extended on the last possible day before the renewal deadline. Russia had been demanding an extension be limited to 60 days, but the UN and Ukraine remained steadfast that the 120-day renewal be left unchanged.

The UN did not specifically say that the Initiative was extended again by 120 days in its Saturday announcement, but Ukrainian Infrastructure Minister Oleksandr Kubrakov said in a tweet that was the case.

“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 fertilizers from Ukraine,” United Nations Secretary-General António Guterres said. “The initiative demonstrates the importance of discreet diplomacy in finding multilateral solutions.”

Why it’s important: Russia has criticized the deal for primarily helping wealthy nations, but defenders of the initiative say it has been critical to lowering food prices and supplying Ukrainian grain to some of the neediest regions.