Ukraine’s grain output, exports show strength

As Russia continues to target Ukraine’s grain export facilities on the Black Sea, the country’s farmers have almost concluded their 2024-25 winter and spring-crop harvest campaign, with production holding up surprisingly well in the wake of an extremely dry finish that threatened to cripple crop yields. Wheat futures in Europe and the US spiked last week after reports of a Russian missile attack on the port of Odesa rekindled concerns of grain export disruptions. The ballistic missile, launched from Russian-occupied Crimea, successfully penetrated Ukrainian air defences and struck the truck discharge bay at a foreign-owned export facility. Fortunately, there were no employee or civilian casualties in the attack and grain stored in nearby silos, which is destined for the export market, was not damaged. Once it became clear that interruptions to the flow of exports due to the bombing would be minimal, wheat futures retreated to close the week lower than before the Russian attack. As ...