This year, Ukrainian agrarians grew 81 million tons of gross grain harvest, which is 5-6% of global production, said Mykola Gorbachev, President of the Ukrainian Grain Association (UGA).
“Ukraine is located on such soils that we depend on weather factors more than on technology. Although technologies in Ukraine have advanced over the past 20-30 years, and we have grown 100 million tons of grain, which we used to grow 30 million tons. This year, we were lucky with the weather – yields for all crops were above average. We got a record yield for each of the crops,” he said at the Business Breakfast with Forbes Ukraine on Wednesday.
According to the UGA president, this allowed the country to compensate for the loss of 6 million hectares of arable land that is currently under occupation and on the front line and is not cultivated by farmers.
“The world produces more than 2.5 billion tons of grain, of which Ukraine has grown more than 80 million tons this year. If we look at grain trade in absolute terms, Ukraine accounts for about 5-6%. This is a serious impact (on the global market – IF-U),” Gorbachev emphasized, adding that this share of grain production does not allow Ukraine to control the global market.
He reminded that farmers do not depend on the volume of production, but on the prices for it, and expressed hope that the 2023-2024 marketing year will allow for further equalization of world prices and Ukrainian farmers will not be at a loss.
As reported, this season winter wheat plantings amounted to 4166 thou hectares (-834 thou hectares compared to the previous season), winter barley – 536 thou hectares (-255 thou hectares), and rapeseed – 1374 thou hectares (+110 thou hectares).
According to the adjusted forecast of the Ministry of Agrarian Policy, in 2023, farmers will be able to harvest 79.1 mln tons of grains and oilseeds, including 57.5 mln tons of grains and 21.6 mln tons of oilseeds.
On November 3 this year, the UGA updated its estimate of the potential harvest in 2023, increasing it to 81.6 mln tonnes of grains and oilseeds, which is 10.6% more than in 2022, when 73.8 mln tonnes were harvested.
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Ukraine will be able to export 50 million tons of grains and oilseeds from the 2023 harvest, as well as about 10 million tons of vegetable oils and meals to global markets, said Mykola Gorbachev, president of the Ukrainian Grain Association.
“We planned to export about 5 million tons per month. However, in the first four months (the grain marketing year starts in July – IF-U) this did not happen. We were unable to increase shipments through the Danube ports, which accounted for 3.5-3.7 million tons per month. With the launch of the grain corridor, the ports of Greater Odesa have a lot of potential. It is possible to ship 3-4 million tons (of grains and oilseeds – IF-U) per month through the ports of Greater Odesa alone,” he said at the Business Breakfast with Forbes Ukraine on Wednesday.
In total, Ukraine will be able to export about 6 million tons of grain a month through the sea corridor and across its western borders, according to the UGA president’s estimates, which was already done in November.
“We will be able to work harder, increase (exports – IF-U) a little bit more, and I think it will be technically feasible to supply 50 million tons of grains and oilseeds to foreign markets,” Gorbachev said.
He added that Ukraine will produce another 10 million tons of agro-processed products, including vegetable oils and meals.
“We will sell most of the grain and manufactured products. For us, this is more than 50% of the country’s foreign exchange earnings, which stabilizes the hryvnia. I think the state has little choice: either the harvest will rot or it is better to sell it. Of course, it’s better to sell,” said the UGA president and expressed confidence that traders will cope with this task if the military ensures the safety of shipping at the current level.
Gorbachev emphasized that in 2023 Ukraine managed to maintain its status as the world’s breadbasket, as farmers grew 81 million tons of grains and oilseeds against domestic consumption of 23-24 million tons. He emphasized that Ukraine produces three to four times more crops and processed products than it consumes, so the agricultural sector is clearly export-oriented.
On November 30, the shareholders’ meeting of InterExpress Insurance Company (Kyiv) decided to increase its authorized capital from UAH 7.3 million to UAH 32.3 million through an additional issue of UAH 25 million, the company reported in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the report, 2.5 thousand shares with a par value of UAH 10 thousand are planned to be sold during the private placement.
It is also specified that at the time of the decision, the company’s shareholders are Viktor Kushnir – 55.068% of shares, Lyudmila Rud – 9.863%, Valery Andreitsev – 7.671%, Elena Troyan – 9.863%, Victoria Kushnir – 8.904%.
According to the published information, UAH 23 million from the issue will be allocated to deposit accounts, and UAH 2 million will be used to update the website for online sales of insurance products.
As reported, InterExpress Insurance Company was registered in 2004 and specializes in risky types of insurance.
In January-September 2023, the company collected gross insurance premiums in the amount of UAH 41.278 million, which is 18.76% more than in the same period a year earlier. Net premiums collected by the company increased by 26.67% to UAH 37.835 million, and earned premiums increased by 14.09% to UAH 38.475 million.
The volume of claims paid by the insurer increased by 3.42% to UAH 12.894 million, while their level decreased by 4.63 p.p. to 31.24%.
The financial result from operating activities increased to UAH 8.249 million, while net profit increased to UAH 6.947 million.
As of September 30, 2023, the insurer’s assets increased by 9.10% to UAH 52.249 million, equity – by 13.10% to UAH 42.488 million, liabilities decreased by 5.43% to UAH 9.761 million, and cash and cash equivalents – by 12.46% to UAH 5.658 million.
Benchmark crude oil is little changed in price on Wednesday morning after falling to lows since early July in the previous session.
The price of February futures for Brent on the London ICE Futures exchange by 7:10 a.m. is $77.20 per barrel, which corresponds to the level at the close of the previous session. The day before, these contracts fell in price by $0.83 (1.1%) to $77.2 per barrel.
Quotations for January futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by 6 cents to $72.26 per barrel. At the end of the previous session, they fell by $0.72 (1%) to $72.32 per barrel.
Both brands ended trading on Tuesday at their lowest levels since July 6.
Market participants and analysts have expressed doubts as to whether OPEC+ countries will comply with the terms of a voluntary 2.2 million barrels per day oil production cut in the first quarter of 2024.
“Last week’s OPEC+ decision was a clear disappointment, both because of the less-than-impressive amount of additional cuts and because of their voluntary nature,” said Tyler Ritchie, editor of Sevens Report Research.
Saudi Energy Minister Prince Abdulaziz bin Salman later noted that production restrictions could be extended if necessary.
“The market did not believe him, because the bears want clearer statements from OPEC+ on long-term plans and assurances that the group will do everything necessary to keep oil prices at least $80 per barrel.”
In addition, investors are evaluating signals about changes in energy reserves in the United States. According to the American Petroleum Institute (API), in the week to December 1, oil reserves in the United States increased by 594 thousand barrels.
Official data from the US Department of Energy will be published at 17:30 on Wednesday. Analysts surveyed by S&P Global Commodity Insights expect, on average, that these data will indicate a decrease in oil reserves by 4.1 million barrels, as well as an increase in gasoline and distillate stocks by 800 thousand barrels.
