No Truce in Sight for Ukraine's Grain Exports

Ukraine's agriculture minister Taras Vysotskyi said in Brussels that he sees no near-term truce covering Black Sea grain exports. This means a sharp reduction in export capacity, which has pushed up grain prices due to Ukraine and Russia being major wheat shippers.

Vysotskyi stated that every proposal from Kyiv's partners was rejected by Russia, and there are 'no possible solutions' in the next few months. He warned that with current export routes handling only 45% of needed capacity, roughly 30 million tons might remain stuck domestically this marketing year.

Despite efforts to revive a corridor for grain exports, Kyiv has not seen progress. The European Commission turned down Ukraine's request for €220 million in targeted help for its farm sector beyond the EU's broader financial assistance.

Vysotskyi expects near-term relief through a World Bank loan of $250 million at a low interest rate. He believes this will allow them to survive until the new year, but planning must already account for what happens from spring after.