More Ukrainian grain hits market after export deal

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International traders have started offering more Ukrainian-origin grains for sale as news of the country’s first shipment since Russia’s invasion has boosted confidence in a deal to unlock exports from its seaports.

Prices have been discounted, with about 20 million tonnes of grain from last year’s crops still stuck in the country.

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Diplomatic efforts have focused on finding a way to transport about 1.5 million tonnes of grain loaded on ships or stored in ports and millions more in silos across the country, in addition to large volumes of the harvest in progress.

The July 22 deal brokered by the United Nations and Turkey paved the way for a resumption of grain shipments from Ukraine after UN agencies warned that a growing global food crisis would lead to hunger and mass migration on an unprecedented scale.

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“I think there is more optimism growing, especially with the news that the first empty vessel is heading to Ukraine to pick up cargo,” a European trader says.

Traders said the offers include a shipment of 50,000 tonnes of Ukrainian wheat with 11.5% protein for August shipment at $310 a tonne (FOB) and another shipment of 30,000 tonnes for loading at one of the safe ports of corridor at US$ 320 a ton (FOB).

Prices offered are about $10-20 lower than Russian 11.5% protein wheat from Russian Black Sea ports.

Source: CNN Brasil

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