Across Ukraine’s farm belt, silos are bursting with 15 million tonnes of corn from last year’s autumn harvest, most of which should have been hitting world markets.
The stockpiles — about half the corn Ukraine had been expected to export for the season — have become increasingly difficult to get to buyers, providing a glimpse into the turmoil Russia’s war has wrought in the approximately US$120 billion global grains trade.
Gummed up by supply chain bottlenecks, skyrocketing freight rates and extreme weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia — which together account for about