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May 10 β€’ 18 tweets β€’ 18 min read
Citing the previous tweet
and adding more information hoping to help get a clear panoramic on increasing #foodprices and the increasingly looming narrative of #recession πŸ‘‡
A massive backlog of #grains is piling up in #Ukraine to the tune of nearly 25 million tons due to "#infrastructure challenges" and blocked #ports in the #BlackSea, including #Mariupol - @Reuters reports πŸ“°
#Ukraine was the fourth-largest corn exporter in the 2020/21 season and the sixth-largest #wheat exporter in the world, according to the #IGC (International #Grains Council).
"It's an almost grotesque situation that we see at the moment in #Ukraine with almost 25 million tons of #grain that could be exported but cannot leave the country simply because of the lack of #infrastructure, the blockage of #ports,"
"Full silos could cause storage shortages for this year's July and August #crops" - #FAO Deputy Director #JosefSchmidhuber said during a press conference.
"Despite the #war, #crop conditions don't seem that dire. This could really mean that there is not enough #storage capacity in #Ukraine, especially if there are no #grain corridors opening up for export from Ukraine."
@CNN, however, reports from "multiple sources" that #Russian forces have reportedly looted farm equipment and hundreds of thousands of tons of grain from #Ukraine, with the Defense Ministry estimating Thursday that 400,000 tons of #grain have been stolen to date.
Figures that, being biased, are to be assessed as "Cum grano salis." - or - "with a grain of salt" πŸ§‚
@oniviev1 of the #Kyiv School of Economics stated that #thefts of #agricultural #equipment, such as #tractors and combines, by #Russian forces have been absolutely devastating for #Ukrainian #farmers.
"Even if these regions are liberated tomorrow, it will take time to restart the production cycle, perhaps two to three years." - Oleg Nivievskyi quoted (@oniviev1)
Buying #fertilizer and equipment and hiring workers would be difficult for #farmers who were wiped out by the #Russians, because their #grain is their working capital for the next season," Nivievskyi said.
Before the invasion, there were 6 million tons of #wheat and 15 million tons of #corn ready to be loaded onto ships and exported to foreign countries - staggering figures that highlight the depth of the issue markets will face.
#Farmers in the major growing areas in the southern part of the country, such as #Kherson and #Zaporizhzhia, have stopped planting operations due to lack of #agriculturalequipment, shortages of #diesel, #fertilizer and #seeds because of the disruptions caused by the #conflict.
Attacks on infrastructure in the not-yet-occupied #Ukraine are also to blame as the major cause of the #logistic #disruption in the #grain shipments.
Currently, local authorities assure that there is plenty of #grain, but ONLY for the local #population, so no #exports. ❌ ❌ ❌

This will affect the #economies of #wheat-importing countries, making them more #fragile.
This is another reiteration of the #volatility in the markets, as more #unrest keeps brewing: the like of the latest #news of #riots in the south of #Iran for the increase of #bread prices - for instance...
At the same time we have the absurd situation of #grain deposits full but severely disrupted and unfeasible to be exported where in need - ALL while an increasing number of countries are on the edge of #anarchy.

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More from @FilandroMi

May 10
A severe tightening of Chinese firms is taking shape in the U.S: is #Washington planning to catch two birds 🐦 🐦 with one stone ❓
More than 80 U.S.-listed Chinese #stocks, including JD.com and #Pinduoduo, have been included in a new list of pre-delisting (i.e., forced exit from the exchange), with a total of 105 #Chinese stocks on the list.
Read 13 tweets
May 10
Skyrocketing #global #foodprices, panicked low income and poorer fringes of the population facing severe #hardship, struggling #emergingmarkets and #SriLanka on the verge of #anarchy - all wrapped up in a massive #market sell-off: what is happening 🌎 ❓
Things did not improve in April on #food prices:
the #FAO Food Price Index fell 0.8% month-over-month to 158.5 points in April 2022, but still remained close to the all-time high of 159.7 points in March.
#vegetableoil prices declined significantly (-5.7%) after hitting an all-time high in March under pressure from #palm, #sunflower and #soybean #oils.

In addition, #grain prices fell slightly (-0.4%), after also rising to all-time highs in March.
Read 9 tweets

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