Ukraine Boosts Grain Exports: A Strong Beginning

Ukraine’s grain exports have surged in the early months of the 2024/25 season, with 13 million tonnes shipped by October 21, 2024. This marks a significant increase from the previous year’s exports of 8.3 million tonnes by the same time in 2023, as reported by the Ukrainian Ministry of Agriculture.

The exports consist of a variety of grains, with wheat leading at 7.2 million tonnes, followed by corn at 3.8 million tonnes and barley at 1.7 million tonnes. This underlines Ukraine’s crucial role in the global grain market and its efforts to ensure food security both locally and globally.

To manage the exports, the government has set a cap on wheat exports at 16.2 million tonnes for the season to prioritize domestic consumption. Traders have already utilized 44.5% of this quota due to the high demand for Ukrainian wheat in international markets.

Despite facing challenges, Ukraine is projecting a combined grain and oilseed harvest of 77 million tonnes for 2024, with around 54 million tonnes expected to be grains. This forecast, while slightly lower than previous years, showcases Ukraine’s resilience and continued growth in grain exports.

Grain Market Outlook

October has seen a significant boost in grain exports compared to the previous year, with around 2.6 million tonnes shipped this month, as opposed to 1.6 million tonnes last year. As the season progresses, Ukraine’s agricultural sector remains a focal point in global food supply chains, promising an interesting trajectory for the country’s grain exports.