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Content provided for the Corn Economy by NCGA's Lead Economist, Krista Swanson.
May 16, 2023U.S. Corn Farmers May Be Called on to Fill Void Left by War in Ukraine
Key Issues: Trade
Author: Krista Swanson
Black Sea Initiative Success & Status The Black Sea Initiative has allowed for the safe export of over 30 million metric tons (MMT) of grain and foodstuffs from Ukraine since initial agreement in July 2022, according to the United Nations. As of May 11, 2023, 50% of the total grain and foodstuffs cargo exported through the program has been corn, the grain most affected by blockages at the beginning of the war. Officials from United Nations, Ukraine, Turkey, and Russia are meeting this week in pursuit of extending the agreement beyond the approaching expiration date on May 18, 2023. The grain corridor has accounted for 25.2 MMT, or 50% of Ukraine’s 52.9 MMT total grain and oilseeds shipments from July 2022 to March 2023. Three ports on the Danube River provide another increasingly used pathway for grain exports from Ukraine, accounting for 22% of grain and oilseed exports in that time frame. Ukraine now exports 1.5 million tons of grain monthly on the Danube, and expansion of a...Read More