The International Grains Council (IGC) cut its forecast for Ukraine’s grain exports in the current 2021-2022 season, noting ongoing conflict in the country had fuelled concerns about potential food security risks, Reuters informed.
Ukraine’s grain exports were revised to 47.8 million tons, sharply down from last month’s forecast of 62.8 million tons with the council noting projections were especially tentative and subject to significant uncertainty.
“Immediate threats are mainly centered on the disruption of export flows. Commercial Black Sea port loadings are currently suspended in Ukraine,” the IGC said in a monthly report. “Although there are efforts to increase exports via railway routes through the country’s western borders, overall volumes are likely to be limited”.
Ukraine’s corn export outlook was cut to 21 million tons from 31.9 million tons, while wheat exports were downwardly revised to 20.8 million tons from 24.5 million tons.
The IGC also downwardly revised its forecast for Russian grain exports to 37.1 million tons from 37.7 million tons.
“While loadings in Russia have recently resumed, volumes may be hampered by trade finance restrictions and additional ocean freight insurance requirements,” the IGC said. (APK-Inform/Business World Magazine)
