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Report: Viterra exiting Russian grain trade

News comes as Cargill also announces plans to stop grain exports from Russia.

PIXABAY
PIXABAY

As Cargill announced it will stop exporting Russian grain during the start of the next exporting season, Viterra has also now stated it will exit the Russian grain export market.

According to Bloomberg, Viterra is planning to exit the Russian export market and intends to announce the decision soon citing people familiar with the matter. For now it is still shipping grain and figuring out how it will leave and what to do with its assets.

Reuters reports Viterra, part-owned by Switzerland-based Glencore, is one of the largest exporters of Russian wheat.

Cargill said it has scaled back its business activities and stopped new investments in Russia, operating only essential food and feed facilities, in response to the war in Ukraine.

"As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season," the company told Feed & Grain. "Cargill intends to continue shipping grain from Russia to destination markets in line with our purpose to nourish the world. Cargill’s other essential food and feed activities, including starches and sweeteners, oils and fats, and animal feed are not impacted by these changes."

Viterra and Cargill both ranked in the top six exporters of Russian wheat in the first half of this season.

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