Ukraine halts Black Sea grain shipments
An ag economist says shipments of ag goods have halted in the Black Sea Region.
Jim McCormick with AgMarket.Net tells Brownfield Ukraine has shut down its temporary export corridor due to recent military activity by Russia. “I’ve heard it has to do with mines in the water. I’ve also heard it has to do with aircraft. I guess it really doesn’t matter what the reasoning was. The Ukrainians are obviously nervous about boats being attacked.”
Russian President Vladimir Putin recently ordered warplanes to monitor the Black Sea.
McCormick says the closure may force some buyers to seek grain from the U.S. “The markets eventually did react positively. We did have a nice little rebound both in the corn and the wheat. We have backed off the highs because I think the market kind of took the news as positive.”
He says it also increases food security concerns in that region.