But for many Middle Eastern and African states that have long depended on the two nations for staple foodstuffs, the grain can't arrive soon enough.
Russia and Ukraine are two of the world's biggest wheat producers. The war in Ukraine sparked by Russia's unprovoked assault has been the major factor in driving food prices up by 17% since January, according to the United Nations Food and Agriculture Organization (FAO), leaving large populations on the brink of starvation.
Turkish President Recep Tayyip Erdogan said Friday that the agreement would spare billions of people from hunger.
"In the coming days we will see the start of ship traffic and many countries will have a breath of fresh air," he said.
The conflict in Ukraine has significantly altered commodity trade, production and consumption in ways that "will keep prices at historically high levels through the end of 2024," the World Bank estimated in its April 2022 Commodity Markets Outlook
. Both FAO and the World Food Programme (WFP) have warned that acute food insecurity could worsen in dozens of countries between June and September 2022.
In the Middle East, Lebanon, Tunisia and Libya normally relied on Ukraine for around half of their imports
, according to data from FAO. And Egypt, one of the world's largest food importers, in 2021 bought 80% of its wheat from Russia and Ukraine.
A swathe of African nations already grappling with food insecurity have seen compounded effects. Eritrea, for example, sourced the entirety of its wheat imports from Ukraine and Russia in 2021, according to a June 2022 report by FAO
. And Somalia, a country already at the mercy of four consecutive failed rainy seasons, has seen a surge in malnutrition cases
and at least a doubling of wheat prices.
Affected countries have tried to take steps to alleviate the toll on their citizens. In Egypt, the government is paying $435 per ton of wheat, compared with the $270 it paid last year, authorities said. The North African country, which subsidizes bread to more than 70 million of its 103 million population, is also looking to other sellers to secure its reserves, including India. Egypt capped bread prices in March.
Ukraine is also a major supplier of food to UN aid programs, which offer relief to war- and poverty-stricken countries in the Middle East and Africa.
The WFP has been calling
for the reopening of Black Sea ports -- including Odesa -- for months, in order to obtain the critical food needs for countries such as Ethiopia, South Sudan, Syria and Yemen, warning that "millions are on the brink."
The food program termed 2022 "the year of unprecedented hunger
," identifying conflict -- such as the war in Ukraine -- as one of the biggest drivers of hunger, warning that the impact of inaction "will be felt around the world for years to come."
As the world held its breath for the release of the Ukrainian grain, wheat prices started to react to news of the deal.
Before the agreement was even signed, wheat futures dropped by 2% on Friday, Reuters reported
"The mere announcement has brought down prices," said Nader Noureldeen, an expert at the FAO's general assembly and former adviser to Egypt's supply ministry, adding that prices are expected to incrementally dip further if grain transports resume, providing eventual relief.
However, any significant dip in food prices will also depend on fuel costs, which have been on the rise since January and skyrocketed after Russia's invasion of Ukraine, said Noureldeen.
"Oil prices have a great impact on grain prices and all food prices," he said, adding that it factors into harvest, manufacturing and transportation.
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