The ministry indicated that it doesn’t expect the move to stop any Russian supplies reaching global markets and that Cargill’s assets related to shipping grain will keep functioning regardless of who manages them. A Cargill representative couldn’t immediately comment on the matter. RBC earlier reported that the move will take effect in the coming agricultural year, citing a letter from the US company to Deputy Agriculture Minister Oksana Lut. Russia’s agriculture ministry said it received a notification from Cargill about its plan. Wheat prices hit the highest in almost a month on Wednesday. That’s adding to confusion over the continued pace of Black Sea flows, with the duration of the recent Ukraine crop-export deal still unclear. International grain traders have also faced growing pressure to leave from some Russian officials and the local industry. Russian crops aren’t under sanction, but trade can be complicated by restrictions on Russian banks and state companies. Although Cargill is a big exporter of Russian wheat and a huge Western crop merchant, the government said the firm’s decision shouldn’t affect overall shipments from the country. A bumper harvest there last year helped wheat futures drop more than 40% from a record reached just after Moscow’s invasion of Ukraine.
will stop exporting its grain, adding to uncertainty over the future of Black Sea crop shipments.Īs the biggest wheat exporter, Russian grain is vital to global crop trade and food supplies. (Bloomberg) - Russia said top agricultural commodities trader Cargill Inc.
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