Ukraine grain exports are back in a big way—their ships are buoying global supply.
Recent grain exports from the major agricultural nation have topped 1M metric tons, with 44 ships sent to 15 nations.
How does a country at war get their ships out of port unharmed? Turkey. (Not the meat: the nation.)
Talkin’ Turkey: Thanks to negotiations mediated by Turkey and the United Nations, Russia and Ukraine have reached an agreement.
The outcome? Ships can leave Ukraine’s Black Sea ports.
Ukraine is too strong of a player in global food supply to be kept on the bench—they’re a world leader in grains, oilseeds, and vegetable oils.
Soundbite: “Ukraine was, is, and will be among the guarantors of global food security,” said Ukraine’s President Volodymyr Zelensky said in a Friday speech, hailing the recent success.
According to Reuters, Ukraine’s shipments of ag exports could rise to upwards of 6M tons in October as its seaports reopen. Now that’s what we’re talking a-boat!
Problems with production: It’s knot all good news, as Ukraine’s expected grain harvest is down to 50M tons from 86M in 2021. Add in low expected U.S. corn production paired with European droughts, and global supply could be in for a wild ride.