News

Ukraine expects a smaller grain harvest this year, which will have global repercussions

Grains, Cereal & Legumes
Ukraine
Market & Price Trends
Published Apr 19, 2024

Tridge summary

Ukraine's agricultural sector is facing a significant downturn due to the ongoing Russian invasion, with a projected 10% decrease in grain and oilseed harvests for 2024, dropping to 74 million tons from 82 million tons. This decline is attributed to a combination of factors including increased shelling, logistical challenges, low product prices, reduced financing, land mines, and workforce mobilization. Specifically, wheat production is expected to decrease by 13.5%, while soybean production could see a 10% increase. The financial cost of clearing agricultural land of explosives is estimated to be between €12 billion and €25 billion. Additionally, the decrease in exports is likely to impact global markets, particularly in southern Europe, North Africa, the Gulf, and some Asian countries. The situation is highly dependent on the ongoing military context and the viability of export routes through the Black Sea and the Danube.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The grain harvest in Ukraine will fall by 10% this year, according to government calculations, which will be felt globally, although the recovery of export capacity from Black Sea ports threatened by Russia allows the country to continue being a supplier. important world. Ukrainian farmers will harvest a total of 74 million tons of grain and oilseeds in 2024, according to estimates by the Ministry of Agriculture, compared to 82 million tons last year. "The forecast is preliminary and will be adjusted throughout the year depending on the circumstances," the Ministry warned this Wednesday. The negative trend is a direct consequence of the challenges that the Russian invasion has brought with it, Pavlo Koval, president of the Agrarian Confederation of Ukraine, told Efeagro. "Although the front remains relatively stable, in some areas the increase in shelling leads to less agricultural land that can be cultivated," he explained. In their third spring sowing in war, Ukrainian farmers ...
Source: PEefeagro
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