(NAFB) – Ukraine’s military shut down commercial shipping operations at the country’s ports after Russia invaded Ukraine.
Reuters said the announcement comes from an adviser to the Ukrainian president’s chief of staff and stoked fears of supply disruptions from one of the world’s top grain and oilseeds exporters. Ukraine is a major exporter of corn, much of which goes to China and the European Union. Ukraine also competes with Russia to ship wheat to major buyers like Turkey and Egypt. “The market is still trying to get a clearer picture of the actual military situation on the ground,” one European grain trader told Reuters. “According to the initial reports from shipping agencies, the ports in the Azov and Black Seas don’t seem to have sustained much damage.”
Egypt’s state grains buyer canceled an international purchase of wheat as the conflict led to reports that no offers of either Russian or Ukrainian wheat had been received.