Ministry of Economy, grain market participants agreed on maximum volumes of wheat exports

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On August 17, Ministry for Development of Economy, Trade and Agriculture of Ukraine, together with participants in the grain market – agrarian associations, producers, processors and exporters – signed an annex to the grain Memorandum on the maximum grain export volume in the 2020/2021 marketing year, The Journalist reports citing the press center of the Ministry of Economy.

“The Grain Memorandum is a good example of negotiating and making balanced decisions. The export of 17.5 million tons of wheat and 1,000 tons of rye for this marketing year is the benchmark that will save domestic food security and export opportunities. In addition, taking into account the coronavirus crisis, in the forecast balance, we have increased the volume of carry-overs by half a million tons – up to 1.7 million tons,” Ihor Petrashko, Minister of Economic Development, Trade and Agriculture of Ukraine said.

In addition, depending on weather conditions and the final data on wheat production from the State Statistics Committee, the forecast balances in the grain market may be revised by the signatories of the Memorandum in the 4th quarter.

Now the grain harvest is expected to reach 72.1 million tons.

INFO: The grain memorandum has been signed annually since 2011. The document provides for interaction of grain market participants, exchange of information, monitoring of the grain market.

Read also: Ministry of Economy: Ukraine’s GDP drops by 6% for six months.

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