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.
