The Sierra Leone-flagged ship Razoni with 26,000 mts of corn, departed Odessa at 9:48 am local time on today heading to Lebanon. It is the first vessel to leave the port since late February.
A Russian naval blockade still threatens Ukraine's commercial sea routes, while missile strikes have targeted several ports, as well as infrastructure for grain storage.
There are 16 more grain ships are awaiting departure from Odessa, though much will depend on whether the Razoni can safely reach its destination as well as will shipping companies and insurers risk sending vessels into the mined waters. For the majority of the African countries, this resumption of grain exports from Ukraine is a very big deal because their wheat is $100 to $120 per mt less expensive than any other wheat and much less freight expense. Do not think for a second there is a shortage of wheat… there is a shortage of cheap wheat.
The stock market had its best gains in July than any month since before Joe Biden was elected president.