Harvest is underway in Ukraine despite nearby fields being on fire and the need to avoid shell holes or unexploded ordnance.
The Door Cracks Open a Little Wider on Ukrainian Grain Exports
Share
Harvest is underway in Ukraine despite nearby fields being on fire and the need to avoid shell holes or unexploded ordnance.
Transcript
Harvest is underway in Ukraine despite nearby fields being on fire and the need to avoid shell holes or unexploded ordnance.
Up until late this week, there was no assurance the 22 million tons of grain trapped inside the eastern European nation would flow out of the country at its normal rate. After five months of war, the door to increasing exports cracked open just enough to give Ukrainian farmers and worldwide customers a glimmer of hope when negotiators from both sides met in Istanbul, Turkey.
Before the Russian invasion, Black Sea ports were the primary route for the export of up to seven million tons of grain per month. Currently, the war has cut that number by two thirds.
The effect of severely reducing the flow in the grain export pipeline has increased food insecurity in African nations. Before the war, Ukraine sent 30 percent of its harvest to Europe, 30 percent to North Africa and 40 percent to Asia. Ukraine is one of the world’s largest exporters of wheat, corn and sunflower oil.
According to Turkish Defense Ministry officials, the agreement gives joint control of ships traveling in and out of the affected Ukrainian Black Sea ports. Turkish officials say there will be an agreement to sign next week but experts are cautioning the move won’t have an immediate impact on grain exports.
For Market to Market, I’m David Miller.
Watch More
Shawn Hackett talks how the reoccurring drought in Europe might be enough for a short rally in corn.
The Senate goes to work on Farm Bill 2.0. State and Federal laws collide as the Supreme Court rules in favor of Monsanto. A growing effort to protect farmland from development. And, commodity market analysis with Shawn Hackett.
Super El Nino is part of the discussion in the commodities markets with our Market Analyst Shawn Hackett.
The high court struck down thousands of cases asking for billions of dollars in damage by deciding in favor of herbicide maker Monsanto and its Roundup herbicide.
The Senate Agriculture committee introduced its draft of Farm Bill 2.0 this week.
Brian Strasser is an Iowa farmer who figured out that the same months the farm goes quiet on cash flow are the same months travelers fill up a rental car app — so he built a fleet, and turned the seasonal gap into a financial advantage.