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Corn Exports From Odessa, Ukraine Initiated

08/02/2022

Following the July 22nd agreement between Ukraine and Russia to allow vessels carrying agricultural commodities to sail from Black Sea ports in the Ukraine including Odessa, the first cargo departed on Sunday, July 31st.  Under the flag of Sierra Leone, mv Razoni will carry 26,000 tons of corn from Odessa to Lebanon. A recent report suggests that the cargo loaded at the beginning of hostilities was rejected by the consignee due to deterioration in the hold.

 

The event was celebrated by Antonio Guteres, United Nations Secretary-General, who collaborated with Recep Tayyip Erdogan, the President of Turkey to facilitate the Agreement.  Resumption of exports will have a downward impact on commodity prices and especially wheat. This trend will depend on continued exports providing vessels have safe passage through the Black Sea along corridors that have been swept of mines placed by both Ukraine and the Russian Federation.