Ukraine Boldly Exports Grain
“They raise a tremendous amount of wheat one point, excuse me, 3.1 2 billion bushels was the latest forecast in the WASDE numbers last week. That was actually down just a little bit from the previous report and 8% from a year ago, but they do control a major share of the world market in terms of wheat exports.”
Irey says over 100 infrastructure sites have been hit by Russia so far in the Ukraine, which he explains restricts Ukraine's ability to load vessels and ship commodities out.
“I think at this point, all the problems have been inflicted upon Ukraine. And they have taken the approach now that the Black Sea quarter Grain Export deal is behind us that they are going to run ships into the Black Sea to their ports outside of that agreement, and they're loading two vessels this week. So we'll see how that ends up going. I would imagine that there will be some type of retaliation by Russia for that but Ukraine has been bold enough to do that.”
Brian Irey, grain trading expert, and Crossroads Coop regional manager.