First cargo ship of maize from Ukraine unloaded

The first ship with corn has also left Ukraine, a week ago. That ship was initially destined for Lebanon, but will eventually go to Syria. So far, 10 bulk carriers carrying grain have departed from Ukraine. This weekend, 4 cargo ships full of grain and other agricultural products, including 2 ships with maize, departed from the ports of Chornomorsk and Odessa, the ANP reports.

Increase in grain sales

In July, Ukraine and Russia, under the auspices of Turkey and the United Nations, reached an agreement to resume exports by sea. The Ministry of Infrastructure assumes that at least 3 to 5 ships a day will call at Ukrainian ports in 2 weeks. This should increase grain sales from the ports on the Black Sea to around 3 million tons of grain per month.

Before the war, Ukraine exported up to 6 million tons of grain monthly.

It remains a logistical challenge to clear the port silos so that the 2022 harvest that is currently underway can be accommodated.

Prices on the futures market fell

With Ukrainian exports taking off, prices on the futures market in Chicago and Paris fell late last week. But wheat and maize prices also fell, as a record harvest is expected in Russia. The average hectare yield is currently a quarter higher than a year ago. Russia expects between 87 and 90 million tons of wheat, while the US Department of Agriculture expects 81 million tons. The previous Russian record is 87.8 million tons of wheat in the 2017-18 season.