Grain Buyers Look for Alternative Grain Supplies

International grain buyers are looking for different places to buy wheat and corn as a Russian invasion cut off Ukrainian supplies. Reuters said European Union producers like Romania and France are being used to cover some nearby shipments. The conflict is rattling international grain markets. European wheat futures hit record highs last week as stalled shipments from Ukraine and Russia are likely. Those two countries and current adversaries account for nearly a third of world wheat exports and almost a fifth of global corn exports.

The assault from Moscow led Ukraine to close its ports last week. Romania is a major grain supplier that exports through the Black Sea but outside the conflict zone, so buyers are looking there for backup purchases. Ukraine is a key wheat exporter to Middle Eastern and Mediterranean locations like Egypt, Turkey, Italy, and African countries. Ukraine’s corn customers include China, Spain, Iran, and South Korea.

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