Wheat pared gains as the United Nations said all parties have reconfirmed their commitment to begin shipping millions of tons of grain that has been piling up since Russia’s invasion of Ukraine.
Friday’s agreement involving Russia and Ukraine aims to facilitate exports from three of Ukraine’s Black Sea ports and was hailed as a vital step towards alleviating a global food crisis. Still, Russia’s weekend attack on the port of Odesa served as a stark reminder of the risks for shippers and insurers as the war rages on.
“The willingness of ship owners to come with their ships to our ports will be the crucial factor to recover export volumes from Ukraine,” Roman Slaston, director-general of the Ukrainian Agribusiness Club, said by telephone. Farmers “have some cautious optimism about this deal, but they also understand that any time it might stop again”.
Ukraine’s government is under pressure to restart grain exports to support its economy, which has been devastated by the war. The infrastructure ministry said Kyiv is beginning to prepare the Odesa, Chornomorsk and Pivdennyi ports to resume work and published a call for ships willing to take part in grain export caravans.
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