Megan Durisin

A dry spell is wilting crops and delaying plantings in some of Europe’s top produce growers, risking a further run-up in food inflation.

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Wheat held near a two-year low as officials from the Black Sea region agreed to negotiate the continuation of the Ukraine grain deal, before a looming Russian deadline for leaving the pact.

Global food prices rose for the first time in a year, just as the rampant run-up in grocery costs begins to cool in some countries.

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Only seven crop vessels remain in the Ukraine crop corridor as Russia threatens to exit the grain pact later this week, bringing traffic grinding to a halt.

A deal allowing Ukraine to export crops from key ports via the Black Sea will be extended by two months, Turkish President Recep Tayyip Erdogan said.

Scarce rains are crushing wheat harvests in North Africa, ushering in the region’s largest imports on record.

As extreme weather wreaks havoc on crops in the Americas and North Africa, Europe’s breadbasket is thriving, with ample wheat harvests keeping global food costs under control.