First ship carrying grain leaves Ukrainian Port of Odesa
The first shipment of Ukrainian grain has left the port of Odesa. This is the first grain exported from Ukraine’s Black Sea ports since Russia invaded the country on February 24th.
Jim Mintert, director of Purdue University’s Center for Commercial Agriculture says the global markets continue to keep a close eye on the export corridor. “There’s a tremendous amount of uncertainty there and that just contributes to the volatility,” he says. “The grain markets right now seem to think a substantial portion of that grain is going to come to market. How quickly and how that is going to play out is unknown.”
And Mintert says harvest is underway in that part of the world leaving many farmers in Ukraine scrambling. “There’s tremendous pressure on the part of Ukrainians to move that grain,” he says. “Because they simply don’t have the storage facilities.”
The export is also part of the recently brokered deal between Ukraine, Russia, Turkey, and the United Nations to all for safe exports of grain from Ukraine’s Black Sea ports. But, Mintert says he’s not sure anyone knows that is going to happen in terms of volume of grain that’s going to be moved through. “The announcement of the agreement recently followed up by missile attacks, really makes you wonder how that’s going to play out,” he says.
Corn prices started the week sharply lower.
AUDIO: Jim Mintert, Purdue Center for Commercial Agriculture