In Ukraine, in 2024/25 marketing year (MY, July 2024 – June 2025), the harvest of seeds of major oilseeds will amount to 22.5 mln tonnes, up 3.8% compared to the previous season and higher than the forecast of 21.686 mln tonnes by the State Statistics Service, the industry association Ukroliyaprom said.
According to the industry association’s forecast, sunflower and soybean production is expected to grow this season, while the gross harvest of rapeseed may decline.
The largest increase in 2023/24 MY is expected for soybeans – 5.1 mln tonnes, up 7.5% compared to last year’s figure of 4.743 mln tonnes.
This growth is due to the increase in the planted area by 7.4% to 1.97 mln ha, while the oilseed yield will remain at the level of the previous season and amount to 25.9 c/ha, the experts explained.
According to the analysts’ forecast, the sunflower production in 2024 is expected to reach 13 mln tonnes, up 2% compared to 12.76 mln tonnes in the previous year. The yield of the oilseed will not change and will amount to 24.5 c/ha, while its area will expand to 5.3 mln hectares (+2%).
Ukroliyaprom forecasts the rapeseed harvest at 4.1 mln tonnes, which is 2% lower than in 2023/24 (4.184 mln tonnes). The projected decline in production will be due to a 4.3% decrease in oilseeds acreage to 1.37 mln ha, while rapeseed yield will remain at the level of last year and amount to 29.2 c/ha.
UNITED NATIONS — The U.N. General Assembly adopted a resolution Thursday demanding that Russia urgently withdraw its military and personnel from Europe’s largest nuclear power plant and immediately return the facility to Ukraine.
The resolution also reiterates the assembly’s demands for Russia to immediately “cease its aggression against Ukraine” and withdraw all troops, and again reaffirms the 193-member world body’s commitment to Ukraine’s “sovereignty, independence, unity and territorial integrity.”
The resolution was approved by a vote of 99-9 with 60 countries abstaining and 25 countries not voting.
Russia was joined by Belarus, Cuba, Eritrea, Mali, Nicaragua, Syria, Burundi and North Korea in opposing the resolution. China, India, South Africa and many Middle Eastern countries were among those abstaining.
The resolution expresses “grave concern over the precarious nuclear safety and security situation at the Zaporizhzhia nuclear power plant.” It says returning the plant to Ukraine’s full control will ensure its safety and security and enable the International Atomic Energy Agency “to conduct safe, efficient and effective safeguards.”
Fears of a nuclear catastrophe have been at the forefront since Russian troops occupied the plant shortly after invading Ukraine in February 2022. Zaporizhzhia, which has six nuclear reactors, sits in Russian-controlled territory in southeastern Ukraine near the front lines and has been continually caught in crossfire.
Read More: Ukraine Is Preparing for Russia to Sabotage Europe’s Biggest Nuclear Plant
The IAEA has repeatedly expressed alarm about cuts to Zaporizhzhia’s electricity, which is crucial for the plant’s operation, and the plants’ supply issues. Without attributing blame, IAEA Director General Rafael Mariano Grossi told the U.N. Security Council on April 15 that his agency had confirmed three attacks against Zaporizhzhia since April 7.
Both Ukraine and Russia have regularly accused the other of attacking the plant, and the accusations continued on Thursday.
Ukraine’s U.N. ambassador Sergiy Kyslytsya introduced the resolution, telling the General Assembly that Russia “continues to violate key principles of technological and physical nuclear security” and continues to attack the plant.
Ukraine and neighboring countries suffered “the disastrous consequences” of the nuclear explosion at the Chernobyl plant in 1986, he said, but the repercussions of a possible incident at Zaporizhzhia “which has been deliberately turned into a key component for the military strategy of Russia would be even more catastrophic.”
Kyslytsya warned that “if we simply stand with our arms crossed, that good luck will not last forever, and an incident will be inevitable.”
“Nuclear security and protection depend on our ability to adopt a strong and common stance on the inadmissibility of the continued occupation and militarization of the Zaporizhzhia nuclear power plant,” the Ukrainian ambassador said.
Russia’s deputy U.N. ambassador Dmitry Polyansky accused Ukraine and its Western supporters of trying to push through the resolution with the real goal of getting the General Assembly’s “blessing” for the outcome of last month’s Ukraine peace conference in Switzerland and “sneaking in political elements.”
In the conference communique, nearly 80 countries called for the “territorial integrity” of Ukraine to be the basis for any peace agreement to end the war. It also said Zaporizhzhia and other nuclear plants must remain under Ukrainian control in line with IAEA principles.
Polyansky accused the communique’s supporters of trying “to promote the false Western narrative about the source of threats to nuclear facilities in Ukraine.” He claimed that the only threat to nuclear facilities in Ukraine today is from Kyiv’s “regular, reckless attacks on the Zaporizhzhia nuclear power plant,” its related infrastructure, and the nearby city where plant employees and their families live.
https://time.com/6997689/un-zaporizhzhia-nuclear-power-plant-russia-ukraine/
Canadian Prime Minister Justin Trudeau has announced that the government is committed to providing up to CAD 389 million ($285 million at current exchange rates) to improve the training of Ukrainian F-16 pilots through the Air Force Coalition within the framework of the Ukraine Defense Contact Group.
According to a statement on the Canadian Prime Minister’s website, Trudeau promised to provide further assistance so that Ukraine can continue to defend its freedom.
In particular, the Canadian support includes the allocation of up to CAD 389 million to improve the training of F-16 pilots.
“These funds, allocated as part of previously announced military funding, will support pilot training in the Ukrainian armed forces, as well as provide critical equipment to ensure the safe operation of the F-16 in Ukraine,” the statement said.
According to the press service, this will be a multi-year contribution to the Air Force Capability Coalition (up to $389 million over five years). This support builds on more than $75 million provided to the Air Force Coalition for maintenance instructors in Denmark, aircraft and pilot instructor training in France, critical equipment and ammunition for the F-16, and English language training at the Canadian Forces Language School.
“These activities are a multi-year program that will be carried out using previously allocated funding announced in February 2024,” the statement said.
The prime minister’s office also recalled the allocation of an additional CAD 500 million for military assistance to Ukraine announced earlier at the NATO summit as part of NATO’s promise of long-term security assistance to Ukraine. This includes almost $444 million to National Defence Canada to cover the cost of military equipment, assistance and training for the Ukrainian Armed Forces, as well as more than $56 million for the NATO Comprehensive Assistance Package (CAP) trust fund for Ukraine to help rebuild Ukraine’s security and defense sector and facilitate Ukraine’s transition to full interoperability with NATO. Canadian funding through CAP also provides equipment for women in the Ukrainian Armed Forces.
“These additional funds are in addition to Canada’s existing military assistance to Ukraine totaling $1.1 billion this year,” the statement said.
PrJSC United Mining and Chemical Company (UMCC), which has taken over management of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipro region) and Irshansk Mining and Processing Plant (IGOK, Zhytomyr region), has resumed mining titanium raw materials and the full operation of the open pits at Irshansk Mining and Processing Plant.
According to the company’s press release on Thursday, this branch was shut down in October 2022. This decision was made due to the lack of contracts for the sale of ilmenite concentrate and, at the same time, significant stocks of finished products in warehouses.
Currently, the management of UMCC has signed a large contract to sell the branch’s products to a strategic North American customer. Accordingly, there is a need to restore the plant’s full capacity.
“Back in April, we gradually started preparing for the full resumption of the branch’s operations, including the full resumption of production. We made all the necessary purchases and carried out as many repairs as possible. Now we have an active contract with an American end user for 70 thousand tons of ilmenite concentrate from Irshansk GOK,” said Yegor Perelygin, acting Chairman of the Board of UMCC.
According to him, another 25-40 thousand tons are currently under discussion. Additionally, the company is preparing to start negotiations for 30 thousand tons for a European end user, with a shipment plan for the fourth quarter of this year.
“Since we have almost sold the old stocks in our warehouses, which is good news, the resumption of quarrying is critical,” said Perelygin.
He specified that the company plans to produce 12 thousand tons of ilmenite concentrate per month by the end of this year.
“We understand that if there is an opportunity to increase production, we will definitely press the gas pedal. But there are several barriers and negative factors that constantly make adjustments to our production program. Everyone is well aware that we are in the active stage of the war and need to prepare for surprises or unplanned problems. In particular, it concerns the stabilization of electricity supplies to the plant,” added the CEO.
He also explained that UMCC has come a long way to qualify IGOK’s ilmenite concentrate for the North American market, and it is strategically important for the company to maintain this momentum until 2025, as then we can talk about long-term contracts and long-term product qualification.
“My personal dream is that 2/3 of IGOK’s products should be exported to the market that is strategic for us as a country and that our cooperation with the American chemical industry should only strengthen and the volumes should grow. This will allow us to move to planning horizons of 1-3 years, even during the war, and will have a good stabilizing effect,” Perelygin explained.
According to him, this will also allow us to move to a broader development of the local resource base, in particular by returning to the implementation of the capital investment program.
“Unfortunately, due to the lack of long-term money and a large number of unpredictable events, the last two years have been practically on hold,” summarized the acting chairman of the board of UMGC.
United Mining and Chemical Company started its actual operations in August 2014, when the Ukrainian government decided to transfer the property complexes of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipropetrovska oblast) and Irshansk Mining and Processing Plant (IGOK, Zhytomyrska oblast) to its management. On December 8, 2016, the state-owned enterprise was transformed into PJSC UMCC, and on December 26, 2018, it was transformed from PJSC to PrJSC.
UMCC used to sell its products to more than 30 countries. The main sales markets were the EU, China, Turkey, as well as the USA and African countries.
Dynamics of export of goods in Jan-Apr 2024 by the most important items in relation to the same period of 2023, %
Source: Open4Business.com.ua and experts.news
The official hryvnia exchange rate, after rising by 5 kopecks on Wednesday, dropped by 17 kopecks on Thursday to 40.8823 UAH/$1, a new all-time low.
According to market participants, the exchange rate came close to the level of 41 UAH/$1 near the end of interbank trading.
The reference value of the hryvnia exchange rate set by the National Bank of Ukraine (NBU) at 12:00 on Thursday fell by 16 kopecks to 40.8423 UAH/$1, while on the cash market the dollar rose by 12 kopecks to 41.10 UAH/$1.
A day earlier, the National Bank announced new easing of currency restrictions, in particular, it facilitated servicing of Eurobonds through dividends of guarantors and sureties. In addition, on July 11, the NBU expanded the list of defense goods available for purchase abroad for volunteers and allowed businesses to buy foreign currency to repay loans from international financial institutions (IFIs).
Since the beginning of 2024, the official hryvnia exchange rate has depreciated by 7.6%, or UAH 2.88, and since the NBU switched to managed flexibility on October 3, 2023, it has depreciated by 11.8%, or UAH 4.32.
In June, the official hryvnia exchange rate fell by 3 kopecks to 40.5374 UAH/$1, although in the middle of the month the exchange rate hit a record low of 40.6908 UAH/$1, while in May it fell by 90 kopecks.
The NBU attributed the weakening to increased government spending after receiving external financing in March-April, as well as the impact of the largest package of currency restrictions for businesses since the start of the full-scale war announced on May 3.
The NBU’s net sales of dollars in the first week of July decreased to $630.91 million from $670.41 million in the previous month. In June, it amounted to $2.99 billion compared to $3.07 billion in May.
Earlier, the Center for Economic Strategy (CES) released an updated consensus forecast of seven investment companies and think tanks. According to it, the forecast for the hryvnia exchange rate at the end of this year has been lowered from 40.5 UAH/$1 to about 42 UAH/$1, which generally correlates with the 42.1 UAH/$1 set in the state budget for the end of 2024. The forecast for the average annual exchange rate was also downgraded from 38.7 UAH/$1 to 40.1 UAH/$1, compared to the budgeted level of 40.7 UAH/$1.
