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Hope For Resolution of Embargo on Black Sea Shipping

07/29/2022

On Friday, July 21st. an agreement was reached between Ukraine and the Russian Federation with the involvement of the United Nations and Turkey.  Grain ships will be able to navigate through a corridor in the Black Sea passing through the Bosphorus to deliver consignments to markets in need of wheat and other commodities from Ukraine.  According to the agreement, empty vessels destined for Ukraine would be certified as free of weapons and safe passage would be assured by the joint coordination center JCC located in Istanbul.

 

The Agreement would have more credibility if Russia had not attacked port facilities in Odessa on the second day after signging representing the first violation. It will be a number of weeks before ports damaged by the Russian Federation are able to load vessels. The winter crop stored in silos is awaiting export as the summer harvest approaches maturity.

 

The agreement is valid for three month periods with extensions subject to mutual agreement by Ukraine and the Russian Federation. One vessel has left Odessa with more to follow.

 

News of the agreement reduced pressure on wheat and indirectly on corn, since approximately 20 million tons of commodities will be released from silos for export before the summer harvest commences.