Ukraine cuts agricultural product exports 10% in March - UCAB

MOSCOW. April 2 (Interfax) - Ukraine exported 7.2 million tonnes of agricultural products in March 2024, which is 10.2% less than in the previous month, and while not all products managed to physically cross the border, a certain amount of transport is in queues to leave, Ukrainian media reported, citing information provided by the Ukrainian Agribusiness Club (UCAB).

UCAB analysts said that the decrease in export volumes in March was due to a number of factors, namely the military operation in the country, which affects seaport operations and the pace of shipments, the continued blocking of exports by Polish protesters, large export volumes in prior months, and a reduction in transitional stock balances.

In addition, the analysts pointed to very low prices on the world market for all types of grains and oilseeds, which leads farmers to expect more favorable prices.

The analysts also noted a decrease in grain exports of 11% in March 2023 to 5.2 million tonnes, of which corn was 53%, wheat 40%, and barley 7%.

Oilseed shipments to foreign markets also decreased 26% to 445,300 tonnes (soybeans were 51%, rapeseed 35% and sunflower seeds 12%) and cake shipments fell 13% to 480,300 tonnes (sunflower cakes were 86%, soybean cakes 14%).

Meanwhile, vegetable oil exports increased 1% to 651,100 tonnes (of which sunflower oil was 93%, soybean oil 5% and rapeseed 1%) and other types of agro-industrial products increased 6% to 405,000 tonnes.

"The active phase of the spring sowing has begun in Ukraine. And it is the realignment of export shipments in recent months, primarily from the sea, that allows Ukrainian farmers do their sowing and ensure the further food security of Ukraine," the message says.

Meanwhile, UCAB emphasizes the importance of maintaining current export rates to ensure that Ukrainian farmers can continue operating normally.