12-06-2022 Turkey mediated talks between Ukraine and Russia Stall – Grain exports remain stuck, Maersk Brokers
There are 30 MMT of grain stored in Ukrainian held territory out of a capacity of 55 MMT and 13-15 MMT stuck in Russian held territory.
Estimates place Ukraine’s grain export figure at 20 MMT for next marketing year with a significant portion of it being sunflower seeds rather than corn and wheat. The previous season saw Ukraine export 45 MMT of grain and 4 MMT of oil seeds.
Market participants also see around half of the corn crop being left unharvested next month on the back of the continued blockade and difficulty to access fields.
The past week, Turkey pushed negotiations between the warring countries to find a solution to the food supply crunch, but without a concerted compromise talks have stalled. Sellers have also stated that international companies are unlikely to deal with cargoes regardless of the talks mediated by Turkey as insurers won’t cover the risk.