Mar 01, 2022

Russia-Ukraine War Raises Concerns Over Black Sea Spring Crops

Grain exports out of Ukraine have stopped as all ports will be closed until end of Russian invasion

The stoppage of grain exports out of Ukraine was confirmed on Monday as the country said all ports will be closed until the end of the Russian invasion, though there is a chance that supplies for the next season out of both Ukraine and Russia could also be in jeopardy pending the outcome of the war, reports Reuters.

Spring grain planting is right around the corner for both countries, most importantly corn for Ukraine and spring wheat for Russia, and it is unclear whether the ongoing conflict will impact production either physically or economically.

A severe disruption in spring planting in Ukraine would also have a large impact on the global vegetable oil market as the Black Sea country supplies half of sunflower oil trade. Sunflower seed plantings in Ukraine last year topped those for corn by at least 1 million hectares (2.5 million acres).

Even if ports were open, international traders would likely hesitate to send vessels to Ukraine. Two commercial ships were hit by Russian missiles on Friday near the Ukrainian port of Odessa.

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Marketwatch: Jul, 03

US Corn Price Idx: ZCPAUS.CM

open: 7.1488
high: 7.3886
low: 7.0173
close: 7.0525

US Soybean Price Idx: ZSPAUS.CM

open: 15.7324
high: 16.5525
low: 15.3323
close: 15.3637

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 9.0002
high: 9.0773
low: 8.5501
close: 8.6212

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 8.1033
high: 8.308
low: 7.749
close: 7.8078