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Ukraine sends out first ship since invasion from Odessa port under deal: minister

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Ukraine sends out first ship since invasion from Odessa port under deal: minister

Highlights

Trade sources say ship carrying 24,000 mt corn from Ukraine

Shipment under Ukraine-Russia-Turkey passage deal signed Jul 22

MY 2022-23 wheat exports down 48% on year, corn up 17% on year

Ukraine has sent out a ship from the Odessa port Aug. 1 -- the first in five months since the Russian invasion Feb. 24 -- under a safe passage agreement, a Ukrainian minister said.

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"The first grain ship since #RussianAggression has left port. Thanks to the support of all our partner countries & @UN we were able to full implement the Agreement signed in Istanbul," Minister for Infrastructure Oleksandr Kubrakov said on Twitter.

The ship is carrying 24,000 mt corn, trade sources said Aug. 1.

The passage was made possible after Turkey and the UN brokered a grains and fertilizer export agreement between Russia and Ukraine July 22.

The deal was signed in Istanbul by Ukraine, Russia, Turkey and the UN Secretary General.

The UN and Turkey have been working for two months to forge a deal between Ukraine and Russia amid concerns of global food price spikes.

Under the agreement, Ukraine would be able to export grains from the ports of Chernomorsk, Odessa and Yuzhny.

Black Sea ports have been blocked since Feb. 24 as Russia invaded southern and eastern parts of Ukraine, essentially drying up grains supplies from the Black Sea region.

The sudden fall in exports from Ukraine had led to soaring grains prices globally and a food crisis in many countries.

Ukraine accounted for nearly 10% of global wheat exports and 12% of the world's corn exports in marketing year 2021-22 (July-June), according to data from the US Department of Agriculture.

Since March, Ukraine has been exporting grains through Romania via railways, roadways as well as by barge and coaster from the Danube river ports.

So far in MY 2022-23, Ukraine exported 361,000 mt wheat, down 48% on the year, and 1.1 million mt corn, up 17% year on year, according to data released by agriculture ministry Aug. 1.

Platts Analytics expects Ukraine to sell 10 million-12 million mt wheat in MY 2022-23.

The Ukrainian Grain Association has projected the country's wheat exports at 10 million mt in MY 2022-23 because of logistical constraints.

The USDA in its July World Agricultural Supply and Demand Estimates report July 12 also forecast Ukraine's wheat exports in MY 2022-23 at 10 million mt.

Platts assessed Ukraine's 11.5% protein wheat at $355/mt on July 29, unchanged day on day, according to data from S&P Global Commodity Insights.