The day’s big news – as WPI readers will likely already know – was that a vessel carrying Ukrainian corn left the Black Sea this morning destined for Lebanon. This is the first maritime export of grain since Russia invaded Ukraine in late February and suggests near-term world grain supplies could be growing. Notably, however, the agreement signed two weeks ago by Russia, Ukraine, Turkey, and the UN is only valid for 120 days, which means there is some risk supplies from the Black Sea could tighten again in late November at the height of the Ukrainian new crop corn export potential. One also wonders if Russia might intentionally let the agreement expire to benefit its own grain export program. That is certainly a cynical vi...