August 05, 2014

05/08/2014: Ukrain and Russia wheat exporters poised for strong sales

Russia and Ukraine, both major Black Sea grain exporters, are poised for strong sales campaigns despite political crisis and economic sanctions with their near record harvests set to beat struggling French wheat in key world markets, traders said.

Western countries have imposed sanctions on Russian banks and several companies, limiting their access to medium and long-term financing over Moscow's support of rebels in Ukraine and the annexation of the Crimean peninsula.

However, they have left short-term finance, crucial for Russian trade, unaffected so far, which together with the coming financial help for Ukraine will allow the near-record harvests in both countries to dominate their markets.

"Russia will most likely remain a successful grain exporter this year as sanctions did not impact short-term credit," an unidentified Kiev-based trader with a large Western firm said. He also expects Ukrainian wheat exports to remain high.

Read more HERE.

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