Grain prices in the world may rise as Ukraine exports all grain reserves by the end of May – Gorbachev

Ukraine will be able to export all the remaining grain of the 2023 harvest by the end of May, which will lead to higher prices both on the domestic and global markets.

This was stated by Mykola Gorbachev, President of the Ukrainian Grain Association (UGA), at the Black Sea Grain 2024 conference.

“Our forecast is that the price will increase slightly. At the end of the season, we will see that the price will go up a bit, because Ukraine will be able to export almost all of its stocks by the end of May. We will have almost nothing in June. The global price will go up a bit. In Europe, yields will be lower. Prices will be a little better for our farmers,” he said.

Gorbachev also expressed hope that the logistics component, in particular the work of the ports of Greater Odesa, will be better. This will allow Ukrainian farmers in 2025 to focus not only on profitable crops, which are unprofitable for them this season, but to increase production in all sectors of the agro-industrial complex.

Among the difficulties that exporting companies will face in the 2024 season, the UGA President mentioned the projected alliance of France and Poland, which will oppose the access of Ukrainian grain to the European market. In his opinion, these two countries will lobby for the introduction of legislative and sanitary restrictions that will hinder Ukrainian business.

At the same time, Gorbachev expressed confidence that this will encourage Ukrainian agricultural businesses to look for new markets.

“It is logical that we will find them. Whether it is Africa or additional volumes to Asia, we will still sell all the grain. Somewhere there will be competition again, somewhere we will have to give up something or complete something. (…) We will be even stronger next year because we need it,” summarized the UGA President and assured of the high adaptability of the Ukrainian agricultural business.

Tags: Ukraine, export, grain, prices