MHMarkets:A new round of talks on Ukraine's grain exports will be held on Friday

Turkey, Russia and Ukraine will hold a new round of talks on Ukrainian grain exports in Turkey on Friday, according to a senior Ukrainian official. Ukrainian Foreign ministry spokesman Oleg Nikolenko said late Thursday that a document could be signed after negotiations that would include obligations on the safe operation of the Black Sea export route.

Niklenko stressed that the Ukrainian delegation would only support those decisions that guarantee the security of southern Ukraine, the strong position of the Ukrainian armed forces in the Black Sea and the safe export of Ukrainian agricultural products to world markets.

Officials from Turkey, Ukraine and Russia last held talks on food exports under the auspices of the United Nations a week ago, on July 13. Speaking at the time, U.N. Secretary-General Antonio Guterres said that while the meeting proved Russia and Ukraine could talk to each other, there was still “a long way to go” to bring peace between the two countries.

On Thursday, Farhan Haq, deputy spokesman for the UN secretary General, said the UN was working on an agreement “to give Ukrainian and Russian food and fertilizer access to global markets. Although no formal agreement had been reached, Mr Haq told a briefing that the UN was ”hopeful“ and would wait ”to see what happens when talks resume on Friday.

The United States welcomes the “agreement in principle” brokered by the United Nations and Turkey between Russia and Ukraine to allow the safe movement of Ukrainian grain from blockaded ports, but the focus is “on getting Russia's commitment to implementing the agreement and enabling Ukrainian grain access to world markets,” State Department spokesman Ned Price said Thursday. European officials familiar with the discussions expressed optimism about the deal but concerns about its implementation. Officials said Russia was unlikely to implement the deal without problems.

Asked for details of the “agreement in principle,” Price said “it's very early.” Price added: “We have been briefed by the UN at various stages. Our experts compare and share with their own. So are our Turkish Allies and our Ukrainian partners.”

Western officials have accused Moscow of “weaponising” food supplies, with leaders and experts warning of a catastrophic food crisis as millions of tonnes of Ukrainian grain have been cut off from global markets because of the war. A U.S. official said last month that they had intelligence that the Russian navy's Black Sea fleet is receiving orders for an effective blockade of the Ukrainian ports of Odessa and Ochakiv.

Financial data and events to watch today:

20:30   Canadian May Retail Sales m/m

21:45   US July Markit preliminary MANUFACTURING PMI

21:45   US July Markit Preliminary SERVICES PMI

Total number of oil RIGS drilled in the United States for the week ending July 22, 01:00 the next day

The next day 03:30   U.S. CFTC released weekly positions report