Since Russia’s invasion of Ukraine began, exports of grain from Ukraine, as well as food and fertilizers from Russia, have been significantly hit. The Black Sea Grain Initiative, which allows for Ukrainian grain exports through the Black Sea, was extended for an additional 120 days. However, there are concerns about the fate of the deal. What are the likely effects of a possible termination of the deal? What is the grain export prospect for Ukraine and Russia in the coming months? In the first anniversary of the occupation of Ukraine, we found it appropriate to examine this critical matter and decided to share with you the views of Andrey Sizov, one of the most reliable analysts of the grain markets, on this critical issue.
2022 has been a year of uncertainties for the global grain markets. The ongoing war initiated by Russia against Ukraine severely impacted the offer of grain worldwide. Since Russia’s invasion of Ukraine began, exports of grain from Ukraine, as well as food and fertilizers from Russia, have been significantly hit. Both countries are among the most important producers of agricultural commodities in the world. The Black Sea Grain Initiative, which allows for Ukrainian grain exports through the Black Sea, was extended for an additional 120 days beginning November 19, 2022. However, there are concerns about the fate of the deal. What are the likely effects of a possible termination of the deal? What is the grain export prospect for Ukraine in the coming months? How the war has affected Ukrainian grain production? What is the outlook for Russian grain production? How sanctions have affected Russian grain exports? How is Russia’s wheat export pace since the conflict?