Ukraine's grain production will remain unprofitable in 2024, says ministry

Published Jun 15, 2024

Tridge summary

Ukraine's Agriculture Ministry announces that grain cultivation will remain unprofitable in 2024 due to the Russian invasion, although profits may improve slightly with the restoration of maritime export routes. The ministry predicts that oilseed crops will see significant profitability increases, with sunflower profitability expected to reach $45 per metric ton, up from a loss of $4 per ton in 2023. Soybean and rapeseed profitability are also expected to rise. Ukraine aims to harvest 56 million tonnes of grain in 2024, including 21 million tonnes of wheat, 28.5 million tonnes of corn, and 5 million tonnes of barley, as well as 13 million tonnes of sunflower seeds, 4 million tonnes of rapeseed, and a record 5 million tonnes of soybeans.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KIEV (Reuters) - Grain cultivation in Ukraine will continue to be unprofitable in 2024 due to the Russian invasion, although losses will be less significant than in 2023, Ukraine's Agriculture Ministry said on Friday. Ukraine is a major global producer and exporter of grains and oilseeds, but its harvests and exports have declined since Russia invaded the country in February 2022. "The improvement in profitability compared to the previous period is due to the restoration of maritime export routes," a statement from the ministry said. Sea routes have reduced the cost of logistics and increased returns in the domestic market despite falling global prices for all types of grains and oilseeds. "Grain production, unfortunately, will continue to be unprofitable," the ministry said. The ministry did not specify how unprofitable grain cultivation will be, but said the profitability of oilseed crops will increase significantly. Sunflower profitability is expected to reach $45 per metric ...
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