In March, Ukraine exported the largest monthly volume of grain during the war

According to the Ministry of Agriculture, Ukraine exported 5.34 million tons of grain in March, which was 150,000 tons higher than in February 2023 and became the largest monthly export volume during the hot phase of the war since February 2022. However, the total export of grain in 2022/23 MR it is 17% lower than last year's pace and amounts to 37.4 million tons. We will remind that in March 2022, grain exports were paralyzed and amounted to only 200,000 tons.

The main factor in boosting exports in March was the formal termination of the grain agreement, which is why exporters tried to export the purchased volumes of grain as soon as possible. After the extension of the agreement (for 60 or 120 days, it is still unclear), Ukrainian grain will be actively exported at least until the middle of May.

The main export item in March, as before, was corn, the export of which increased to 3.6 million tons (3.3 million tons in February), and in general in the season reached 22.2 million tons, which is by 1.6 million tons exceeds the corresponding indicator of the previous season. 23.2 million tons of corn were exported in 2020/21 MR, and 23.4 million tons in 2021/22 MR.

Given the 27 million tons of corn harvested in 2022 and the initial stocks of 11-12 million tons, Ukraine can export 30-31 million tons of grain in 2022/23, that is, another 8-9 million tons before the end of the season.

The export of wheat in March decreased compared to February to 1.55 million tons, and in total in the season amounted to 12.9 million tons, which is 5.6 million tons lower than last year's pace. In the next three months, Ukraine can export another 3-4 million tons of wheat, but the prospects for the next season do not look too optimistic.

According to the State Customs Service, in 2022/23 MR as of March 31, Ukraine exported 37.639 million tons of grain and leguminous crops (in particular, in March - 5.341 million tons), namely:

• wheat - 12.88 million tons (18.399 million tons in 2021/22 MR),
• barley - 2.276 million tons (5.643 million tons),
• rye – 17.5 thousand tons (161.9 thousand tons),
• corn - 22.163 million tons (20.439 million tons).

We will remind that last year on March 31, grain exports amounted to 44.943 million tons, of which 1.428 million tons were shipped in March.

In addition, since the beginning of the season, 154,000 tons of flour and 111,200 tons of wheat were exported, while last year these figures were 91,200 and 66,900 tons, respectively.