Ukraine ships grain from Black Sea ports
An ag economist says wheat futures opened the week under pressure after some developments in the Black Sea Region.
Jim McCormick with AgMarket.Net says Ukraine has established a temporary export corridor allowing the shipment of ag goods from Black Sea ports.
“They are getting the first boats in to load some wheat and corn out and I think the market’s taking that as a ‘look, we are going to continue to get grain moving out of that portion of the world.’”
He tells Brownfield the European Union has allowed a Ukrainian grain ban to expire but members Poland, Slovakia, and Hungary have imposed their own restrictions.
“The Europeans, they need the grain to be quite honest, but they don’t need it on the borders of Ukraine. They need it further west, plain and simple.”
McCormick says there could be an opportunity to increase demand for U.S. wheat heading into the winter months.