Ukraine's agriculture ministry and grain market participants have agreed to set a 16.2mn t wheat export cap for the 2024-25 marketing year.
The government and exporters signed an addendum to the preliminary agreement for the 2024-25 marketing year, which sets the cap, irrespective of quality. This is exceeds the US Department of Agriculture (USDA) projection of 14mn t.
The parties will monitor monthly grain export volumes and if needed adjust the cap in January 2025.
Ukraine's millers had asked the ministry to cap 11pc and higher-protein milling wheat exports at 4.6mn t, citing a 30:70 split between milling and feed grade wheat in the 2024-25 harvest. Other market participants, including exporters, said the split is closer to 50:50 this year.
Ukraine has implemented export caps since 2011 to shore up domestic food security.
