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May 20, 2014

 

Global grain markets hit by Ukraine's turmoil

 


Months of political crisis in Ukraine is not only taking a toll on its own economy, but also hurting grain markets across the globe, AFP reported.


With prices for petrol, equipment and seeds soaring due to the crisis in the country, Ukrainian farmers are struggling. Ukraine is already in recession, while the tumult at the capital added fresh pressure and created a financial crisis, making it difficult for many farmers to take out loans.


Ukraine's corn production is expected to drop to 23.3 million tonnes this season, down by 18% on the last harvest; while wheat is forecast to fall to 18.3 million tonnes, down by 16%.


According to the International Grains Council, Ukraine is the world's third largest producer of corn and sixth for wheat.


AFP's report says that analysts believe increased corn production in other countries, particularly China, will likely keep global prices down. However, with prices having already rising 30% since February, wheat market might be a different story.

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