Ukrainian agribusiness ministry signs MoU with grain market players for 2024/25 MY

MOSCOW. July 19 (Interfax) - Acting Ukrainian Agrarian Policy and Food Minister Taras Vysotsky and grain market players have signed a memorandum of understanding for the 2024/25 marketing year, Ukrainian media reported with reference to the ministry's press service.

The parties agreed to cooperate in coordinating balance indicators of the Ukrainian grain market in the 2024/25 marketing year to ensure food security, market stability, and predictable grain exports and foreign exchange revenues, it said.

The ministry and the grain market have signed memorandums of cooperation for more than ten years to ensure domestic food security and promote stable exports, he said.

"Wheat is a core food product in Ukraine. Ukrainians must be provided with bread, there must be no shortage and profiteering on the domestic consumer market, and agricultural producers should have enough grain crops for exports," Vysotsky said.

The crisis has reduced domestic wheat consumption to 6.2 million tonnes from 8 million tonnes a year, he said.

Agribusiness representatives praised the signing of the memorandum as a positive message to all market players giving them the understanding of projected export and processing indicators and the level of domestic consumption.

The signatories include the American Chamber of Commerce in Ukraine, the Ukrainian Grain Association, the European Business Association, the Ukrainian National Agrarian Forum, the Association of Farmers and Private Landowners of Ukraine, the Millers of Ukraine union, the Ukrkhlibprom baking industry association, and the All-Ukrainian Association of Bakers.