Ports in the Black Sea Region are shut down and are expected to stay that way for at least the next two to three months. U.S. Wheat Associates President Vince Peterson says it’s hard to judge the full extent of the closure of the ports. “The questions will be in what’s the cadence, fashion, logistics and price impacts? You’re seeing that manifest in the marketplace right now in ocean freight shipping markets and wheat futures are locked limit up.” The mission of the U.S. Wheat Associates is to protect the supply and profitability of U.S. wheat for customers. Peterson says that spans beyond trade. “These are businesses, governments and people responsible to feed their countries. There will be countries that require food aid. There’s no doubt it’s going to increase export trade in the other origins in the foreseeable future, but we don’t know how long it will last.”
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