The Ministry of Economic Development, Trade and Agriculture of Ukraine on August 17 signed an annex to the grain memorandum with grain market participants and agreed on the maximum grain export volume in the 2020/2021 marketing year (MY, July-June) at the level of 17.5 million tonnes of wheat and 1,000 tonnes of rye.

"The grain memorandum is a good example of the ability to negotiate and make balanced decisions. In our common opinion, the export of 17.5 million tonnes of wheat and 1,000 tonnes of rye for this marketing year is the benchmark that will preserve our internal food security. In addition, taking into account the coronavirus crisis, in the forecast balance, we have increased the volume of carry overs by half a million tonnes, to 1.7 million tonnes," Minister of Economic Development, Trade and Agriculture of Ukraine Ihor Petrashko is quoted as saying.

In addition, depending on weather conditions and the final data on wheat production from the State Statistics Service, the forecast grain market balances may be revised by the signatories of the memorandum in the fourth quarter.

Now the Ministry of Economy predicts the grain harvest in Ukraine this year at 72.1 million tonnes.

The ministry clarified that the grain memorandum has been signed annually since 2011. The document provides for interaction of grain market participants, exchange of information, monitoring the grain market.