Ministers of agricultural policy and grain market participants signed a Memorandum of Understanding

The new Memorandum of Understanding for the 2024/25 MR was signed by acting Minister of Agrarian Policy of Ukraine T. Vysotskyi and participants of the grain market, including the American Chamber of Commerce in Ukraine, the Ukrainian Grain Association (UZA), the European Business Association, the All-Ukrainian Agrarian Forum, the Association of Farmers and Private Landowners of Ukraine, the GS " Flourmills of Ukraine", union of enterprises of the baking industry "Ukrhlibprom", "All-Ukrainian Association of Bakers".

The parties agreed on cooperation on issues of coordinating the balance of the country's grain market in the 2024/25 financial year with the aim of ensuring food security, a stable market and forecasted grain exports.

For more than 10 years (since 2011, with the exception of 2022 and 2023), the Ministry of Agrarian Policy has been signing Memoranda of Understanding with grain market participants that ensure a balance between domestic grain consumption and export supplies.

"Wheat is the main food product in Ukraine, so Ukrainians should be provided with bread, and there should be no shortage or speculation in the domestic market. At the same time, producers should be able to export grain crops in sufficient volumes," T. Vysotskyi said.

He said that as a result of the military aggression of the Russian Federation, the domestic consumption of wheat in Ukraine decreased from 8 to 6.2 million tons per year.

Grain market participants noted that the signing of the Memorandum will be a positive signal for the market, as it will make export, processing and domestic consumption volumes predictable.

The memorandum provides for the interaction of market participants, exchange of information, market monitoring, is informative and provides signals to the market on grain export issues.

The document enters into force on the day of signing and is valid until July 1, 2024.