Russia’s end to Ukrainian grain export deal set to benefit local farmers during their fourth consecutive year of healthy harvests

What was the Black Sea grain deal and why did it collapse?

Get our morning and afternoon news emails, free app or daily news podcast

Australian farmers are locking in surging grain prices ahead of their imminent harvest after Russian missile strikes on Ukrainian ports and a decision by the Kremlin to pull out of the Black Sea grain deal to allow agricultural exports caused a rally.

The disruption to the major wheat-producing Black Sea region could spell disaster for countries already reeling from rising living costs, conflict and drought, especially in the Horn of Africa.

Sign up for Guardian Australia’s free morning and afternoon