Ukraine ends restrictions on corn and sunflower oil exports

Mar, 25, 2022 Posted by Gabriel Malheiros

Week 202212

The Ukrainian government has stopped demanding export licenses for corn and sunflower oil for the remainder of the 2021/22 season, according to a report on the government’s website published on the 25th.

Ukraine has suspended exports of rye, oats, millet, buckwheat, salt, sugar, beef, and livestock, as it faces the invasion of Russian military forces. The country had also begun demanding wheat, corn, and sunflower oil exports licenses.

Agricultural officials said corn and sunflower oil stocks are high, and, thus, there is no need to limit exports.

Notwithstanding, the market expects a billion-dollar loss in revenue from Ukraine’s grain exports as Russian forces blockade its ports, preventing it from shipping millions of tonnes of wheat and corn that Ukraine was supposed to export until June, according to an industry spokesperson.

A major producer of grains and oilseeds, Ukraine exports 98% of its cereals through ports and only a fraction by rail due to the higher costs.

Source: Money Times

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