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Domestic grain traders ask Ukraine to ban exports

Domestic grain traders ask Ukraine to ban exports

10 August 2010

Domestic grain traders requested the government ban grain exports from Ukraine, which would allow them to breach contractual agreements based on force majeure and avoid paying damage claims due to late shipments, Kommersant reported this morning, citing the Ukrainian Grain Association. According to market participants, six ships loaded with grain, chartered by Alfred C. Toepfer, Serna and publicly traded Kernel (WSE: KER PW) are being held in Ukrainian ports. Ruslan Patlavskyy: In our view, it is unlikely Ukraine will officially restrict grain exports in any way due to its WTO liabilities, while the forecasted grain harvest should fully support domestic consumption and allow for 15-16 mln mt of grain exports this season (including last year’s stocks). This said, given the 22-30% rise in the wheat price over the last month in Ukraine to USD 180/mt for grade 2 wheat and to USD 165/mt for grade 5 wheat (both EXW), we do not rule out that traders will be unable to fulfill their June contracts, which were concluded at prices below the current market.

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