Grain market stability secured despite massive challenges – Economy ministry

Ukraine has managed to ensure the stability on the grain market, despite force majeure challenges, such as drought and the coronavirus pandemic, as per Deputy Minister for Development of Economy, Trade and Agriculture Taras Vysotsky.

"This year has become atypical for Ukraine in terms of the economic situation and restrictions due to COVID-19, as well as force majeure weather conditions. Despite everything that happened in 2020, agricultural producers in Ukraine remained in surplus," the official wrote on Facebook.

Vysotsky added that it was possible to achieve stability on the grain market due to coordinated efforts on the part of the economy ministry and main stakeholders.

Read alsoPoor harvest affects Ukraine's GDP in Q3 – National Bank"Our cooperation ... and constant monitoring of the market ensure predictability of grain exports and stability of the market within the country," the deputy minister added.

As of late December, Vysotsky said, Ukraine has exported over 25 million tonnes of cereals and grain products. Also, almost 15.5 million tonnes of grains remain in storage.

Background

Grain harvest 2020 amounted to 65.4 million tonnes of grain, which is almost 7 million tonnes below last year's result, as noted by the Ministry for Development of Economy, Trade and Agriculture.