All Ukrainian Ports Confirmed Closed, All Grain Exports Halted Until End of Conflict
Ukraine has confirmed that all of its ports have been closed and all grain exports have been halted until the conclusion of the Russian invasion. However, depending on the course of future events, grain exports for the next season from both Ukraine and Russia could also be in question.
Fast approaching spring planting of corn for Ukraine and spring wheat in Russia, there is no certainty how the ongoing conflict will affect the physical production or economic outcome for either country and their crops.
Ukraine accounts for 16 percent of the world’s corn supply, and still has a significant portion of its 2021 corn crop to ship - having exported 18.7 million tons of its 33.8 million tons of corn for the 2021/22 season ending June 30. Furthermore, while Brazil and Argentina’s corn crops in the southern hemisphere are in progress, Ukraine and the U.S. remain the only corn suppliers to the rest of the world.
Even if Ukraine’s port were open, however, global traders would likely avoid sending vessels to its ports, as two commercial ships have already been hit by Russian missiles near the Ukrainian port of Odessa.