Acting Minister of Agrarian Policy and Food of Ukraine Taras Vysotskyi and grain market participants signed a Memorandum of Understanding for the 2024/2025 marketing year.
The following grain market participants signed the Memorandum: The American Chamber of Commerce in Ukraine, Ukrainian Grain Association, European Business Association, All-Ukrainian Agrarian Forum, Association of Farmers and Private Landowners of Ukraine, Ukrainian Millers, Association of Bakers, Ukrkhlibprom, and All-Ukrainian Bakers Association.
The parties agreed to cooperate on harmonising the balance sheet characteristics of the Ukrainian grain market in the 2024/2025 marketing year to ensure food security, stabilise the grain market, forecast grain exports and foreign exchange earnings.
According to Taras Vysotskyi, the Ministry of Agrarian Policy and the grain market have been signing a Memorandum of Understanding for over a decade to ensure domestic food security and support stable exports.
“Wheat is the main food product in Ukraine. We need to ensure that Ukrainians are provided with bread and that there is no shortage or speculation in the domestic consumer market. It is also necessary that agricultural producers can export grain crops in sufficient volumes,” said Taras Vysotskyi.
The acting Minister said that due to Russia’s military aggression, Ukraine’s domestic wheat consumption has decreased from 8 million tonnes to 6.2 million tonnes.
In turn, agribusiness representatives noted that the signing of the Memorandum is a positive signal for all market participants, as it provides an understanding of the expected export and processing figures, as well as domestic consumption.