One of the largest grain market operators in Ukraine, Nibulon JV LLC (Mykolaiv), has started the 2024 spring crops sowing campaign, for which it will allocate 38 thou hectares, up 35.7% year-on-year, the grain trader’s press service reported on Facebook.
According to the report, the agricultural division of Nibulon has made adjustments to the structure of the sown areas. Thus, in the 2024 season, the corn and soybean planting areas will be increased, while the sunflower planting areas will be reduced.
“This is due to the price expectations of this year’s grain consignments and the forecast of a better economic result. In total, the company purchased 3,000 sowing units of sunflower, 22,000 of corn, plans to purchase 40 tons of soybeans, and has laid and prepared 500 tons of soybean seeds of its own production for sowing,” Nibulon said.
Due to weather conditions, the sowing campaign has already started in four Nibulon clusters and is underway in Mykolaiv, Cherkasy, Vinnytsia, Khmelnytsky and Zhytomyr regions. Given favorable conditions, the company’s farmers expect to finish sowing by mid-May at the rate of 2.0 thousand hectares per day.
Oleg Veselov, Nibulon’s Director of Agricultural Production, noted that there are currently no risks for the 2024 harvest. The company expects the gross harvest of spring crops to be 200 thou tons of corn, 15 thou tons of soybeans, and 25 thou tons of sunflower.
Nibulon JV LLC was established in 1991. Prior to the Russian military invasion, the grain trader had 27 transshipment terminals and crop reception complexes, a one-time storage capacity of 2.25 million tons of agricultural products, a fleet of 83 vessels (including 23 tugs), and owned the Mykolaiv Shipyard.
“Before the war, Nibulon cultivated 82 thousand hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries. In 2021, the grain trader exported the highest ever 5.64 million tons of agricultural products, reaching record volumes of supplies to foreign markets in August – 0.7 million tons, in the fourth quarter – 1.88 million tons, and in the second half of the year – 3.71 million tons.
Nibulon’s losses due to Russia’s full-scale military invasion in 2022 exceeded $416 million.
Currently, the grain trader is operating at 32% of capacity, has created a special unit to clear agricultural land of mines, and was forced to move its headquarters from Mykolaiv to Kyiv.
Internal and external debt of Ukraine in 2010-2024
Source: Open4Business.com.ua and experts.news
Global stainless steel production in 2023 increased by 4.6% compared to 2022 to 58.444 million tonnes, while production declined in all major regions except China, according to a press release from the World Stainless Association (formerly the International Stainless Steel Forum (ISSF)).
According to the information, in Europe last year, stainless steel production decreased by 6.2% to 5.902 million tons by 2022, and in the United States – by 9.6% to 1.824 million tons.
In Asia (excluding China and South Korea), stainless steel production decreased by 7.2% to 6.880 million tons, while in China it increased by 12.6% to 36.676 million tons.
Other regions (Brazil, Russia, South Africa, South Korea and Indonesia) recorded a 5.2% decline in production to 7.163 million tons.
As reported, global stainless steel production in 2022 decreased by 5.2% to 55.255 million tons. At the same time, in Europe in 2022, production decreased by 12.4% to 6.294 million tons, and in the United States – by 14.8% to 2.017 million tons. In Asia (excluding China and South Korea), stainless steel production decreased by 4.9% to 7.411 million tons, while in China it fell by 2% to 31.975 million tons.
Other regions recorded a 9.1% decline in production to 7.557 million tons.
International agricultural research company Corteva Agriscience and state-owned Oschadbank (Kyiv) are expanding their partnership lending program to Ukrainian agricultural producers to enable them to purchase the company’s crop protection products on favorable terms, the company’s press service said.
According to the press release, under the terms of this lending program, farmers can purchase sunflower, corn and winter rape seeds of premium genetics of the Pioneer® brand at reduced rates.
Farmers wishing to purchase Corteva plant protection products in the amount of UAH 200 thousand or more can take out a loan with an interest rate of 0.01% per annum in UAH, depending on the repayment schedule, loan term and availability of collateral. There is no loan disbursement fee. The maximum loan term is 12 months. To apply, farmers should contact Corteva representatives in their region.
Borrowers under this program will provide Oschadbank with a simplified list of documents and can expect priority consideration of their application, as well as a shorter time for making a loan decision.
“Launched in February, Corteva’s program of lending at reduced rates for the purchase of Pioneer seeds in partnership with Oschadbank was well received by farmers, so we are pleased to welcome the willingness of our partners to expand the program to give farmers better access to Corteva’s advanced crop protection products,” explained Elena Dunina, Financial Head of Corteva Agriculture in Ukraine, Central Asia and the Caucasus.
“The agricultural sector suffered significant losses during the war. The State Bank considers it its mission to support agrarians and provide them with the most extensive package of opportunities. (…) Thanks to the simple and flexible terms of the Corteva partnership program, agricultural producers can get a loan at reduced rates, replenish working capital and optimize costs,” said Natalia Butkova-Vitvitska, Oschadbank Board Member in charge of micro, small and medium-sized businesses.
Corteva Agriculture is a global agricultural company. It offers comprehensive solutions to maximize yields and profitability. It has more than 150 research facilities and more than 65 active ingredients in its portfolio.
The company’s presence in Ukraine includes the headquarters in Kyiv, a research center in Liubartsi village (Kyiv region) and a seed production complex in Stasi village (Poltava region).
In April 2022, the company decided to leave the Russian market due to the full-scale war against Ukraine waged by Russia.
According to the National Bank of Ukraine (NBU), as of February 1 this year, Oschadbank ranked second in terms of total assets (UAH 369.56 billion) among 63 banks operating in the country.
agricultural producer, CORTEVA AGRISCIENCE, LENDING, OSCHADBANK
The Polish Agricultural and Food Products Quality Inspectorate (IJHARS) in Rzeszów has issued a decision to ban two batches of sponge cakes with a total weight of 10.55 thousand tons imported from Ukraine from circulation on the Polish market.
According to the inspection’s post on Monday on the social network X, the decision was made due to incorrect labeling.
The decision was immediately implemented.
As reported, on April 9 in Rzeszow, the IJHARS issued a decision to ban the circulation on the Polish market of three batches of lambs weighing 5.34 thousand tons imported from Ukraine.
A few days earlier in Lublin, three batches of ice cream with a total weight of 8.48 tons imported from Ukraine were withdrawn from the Polish market due to defrosting.
In early April, the Polish Trade Inspectorate announced the largest fine in its history of PLN 1.5 million (about $380 thousand) imposed on an importing company for importing 11.5 thousand tons of technical rapeseed and feed wheat from Ukraine as counterfeit products for further use as food. In addition, it was decided to ban the import of 57.66 tons of tomato paste from Ukraine due to the presence of mold.
In March, IJHARS Chief Inspector Przemysław Rzodkiewicz said that over the past year, 1.4% of the consignments from Ukraine inspected by the commission at the border were rejected.
The survey, conducted by Active Group in cooperation with the Experts Club think tank, revealed citizens’ attitudes to various aspects of social and economic life in Ukraine, including the initiative to refund part of the cost of Ukrainian goods, the government’s influence on business, the level of trust in law enforcement, financial stability of citizens, and forecasts for the hryvnia exchange rate.
A significant proportion of respondents (44%) have heard of the initiative to refund the cost of purchasing Ukrainian goods, with opinions divided on its impact on living standards. Most respondents believe that the government will increase taxes to finance this initiative.
According to Andriy Yeremenko, founder of the sociological research company Active Group, this raises concerns among the population, as most are not ready for an increase in the fiscal burden.
The study also revealed a deep distrust of government institutions (57% of citizens) and law enforcement agencies (62%) in the context of relations with business, in particular due to the lack of transparency and efficiency of their work. The majority of respondents believe that the state hinders rather than helps business to develop, and this trend has increased compared to previous months.
A significant number of Ukrainians (up to 60%) are experiencing financial difficulties, including increased debt and lack of savings for a rainy day. Respondents also expressed concern about the future of the hryvnia exchange rate, with the majority (55%) expecting it to fall.
In the context of utility bills, the vast majority (67%) of respondents believe that the level of tariffs is too high, which further emphasizes the general dissatisfaction with the financial situation and government policy in this area.
According to Oleksandr Poznyi, Director of Active Group, these results demonstrate the serious challenges faced by Ukrainian society in the context of the war and the current economic situation.
Earlier, Maksym Urakin, the founder of the Experts Club think tank, noted that in 2024 Ukraine’s public debt may exceed GDP for the first time, which poses significant risks to economic stability in the country.
For more details, please see the video at the link:
https://www.youtube.com/watch?v=8hkvHhyzGLQ
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ACTIVE_GROUP, ANDRIY_EREMENKO, ECONOMY, EXPERTS_CLUB, OLEXANDR_POZNYI, POLITICS, SOCIOLOGY, TAXES, URAKIN
