Grains and oilseeds: deal to be extended

May 12, 2023 at 12:28 PM , Der AUDITOR
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BRUSSELS. While traders were initially convinced that the Black Sea Grain deal would be extended beyond 18 May, their patience was put to a hard test as negotiations continued in Istanbul this week. Now Russian news agency TASS has reported that the deal will be extended by 60 days. Uncertainties prevail for wheat, Spain’s drought will boost demand for corn and China is giving soybean suppliers a hard time. Prospects for the new rapeseed crop are, however, highly encouraging in the EU.

30 million mt exported

Although the deal has facilitated the export of more than 30 millio mt of grains and oilseeds from Ukraine and the country is keen to secure a longer-term extension, Mykola Solsky, Minister of Agrarian Policy and Food of Ukraine, also highlights that Ukraine has other export route alternatives. These, however, tend to be more costly and less practical. The constant inflow of goods from Ukraine for which no tariffs apply have also met with resistance in neighbouring countries, which prompted the EU to adopt exceptional and temporary preventive

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