J’aime bien le double discours – dès les éléments soulignés après le titre… _ la part du trafic qui passe par Kertch est marginale (moins de 5% et déplorable vers d’autres ports) mais le blocus (temporaire) souligne le risque sur les approvisionnement en blé ukrainien (qui sera très abondant cette saison)
• Access cut to Kerch Strait between Black Sea and Sea of Azov
The ports handles a relatively small share of Ukrainian grain
• Access cut to Kerch Strait between Black Sea and Sea of Azov
The ports handles a relatively small share of Ukrainian grain
Russia’s brief blockade of a key shipping channel for Black Sea grain highlights the risk of disruption to an important source of global supply.
Russia cut off access to the Kerch Strait between the Sea of Azov and the Black Sea after tensions with Ukraine flared up over the weekend, and has since reopened the passage. Still, the conflict means some traders will likely reroute cargoes to avoid passing through the strait, according to the Ukrainian Grain Association.
“We are expecting a record harvest this season, and we plan record exports,” said Mykola Horbachov, head of the Ukrainian Grain Association. “So any window that is being closed for us means heavier pressure on our infrastructure, both seaport and railway. We are stretched to the limit.”
Ukraine ranks among the world’s biggest corn and wheat producers, supplying food to major markets in Europe, the Middle East and Asia. Analysts said they didn’t expect much market impact because the proportion of Ukrainian grain that moves from ports on the Sea of Azov is relatively small, and the incident seems limited so far.
Grain markets largely shrugged off the news. Benchmark prices in Chicago rose 1 percent and milling wheat futures in Paris added 0.2 percent.
Shipments from the Ukraine ports of Mariupol and Berdyansk make up about 5 percents of the country’s grain exports, and cargoes that had previously planned to leave those areas may instead move by rail or other ports, Horbachov said. The two ports are on the Azov Sea and rely on the Kerch Strait.
“In terms of grain exports, it won’t have a big impact because I don’t think that Russia will stop their boats in the Kerch Strait, and in terms of Ukraine exports, there is not a lot of exports from the Azov Sea,” said Gautier Maupu, a Black Sea grains analyst with Agritel in Kiev. “Russian exports will not slow down, so there will not be a strong impact on markets.”
Still, the blockade highlights the threat of disruption to Black Sea supplies just as global grains markets are buffeted by the trade war between the U.S. and China. Wheat has jumped about 20 percent this year in Chicago as heat and dryness worldwide curbed output, including in the Black Sea.
