Russian Grain Exports Are Booming

Russia’s grain-export pace is accelerating, just as Ukraine shipments are hit by uncertainty over whether the landmark Black Sea deal will be extended later this week.

Strong demand and competitive prices are spurring Russian shipments after a slow start to the season. It exported 6.53 million tons of grain and other foodstuffs by sea since Oct. 1, compared with 4.59 million tons over the same period last year, according to ship lineups from Logistic OS.

Meanwhile, flows from Ukraine are slowing as uncertainty looms over the extension of its safe-corridor beyond Nov. 19, when the original deal ends. Thirty-one crop-laden ships departed its Black Sea ports in the first 13 days of November, versus 90 over the same span in October, data posted by the United Nations show.

Source: Bloomberg