“Waiting time for an inspection at the Bosporus takes up 45-60 days; this is an additional reason why multinational companies are curtailing purchases,” Bogdan Kostetsky
Multinational trading companies have almost stopped buying grain and oilseeds in the ports. Bogdan Kostetsky, Commercial Director and Operating Partner at Barva Invest trading analytics company, explained the reasons behind this at a briefing at Media Center Ukraine — Ukrinform.
“During the last two weeks, we lost USD 10 to 20 in prices, in particular for corn and wheat. The main reason is that we have 33 million tonnes to offer, but all the needs of traders are actually closed, in terms of their long-term positions. We also remember that in a little more than a month we will have a review and continuation of the “grain corridor.” Given that today the waiting time for an inspection at the queue at the Bosporus is 45 to 60 days, this is also an additional factor for curtailing purchases. Because all multinational trading companies have risk management departments, they see russia as a very unpredictable player. This is also a factor to temporarily curtail purchases and, hopefully, deliver what has already been bought and stored in ports and elevators to the end of the grain corridor,” — the expert noted.
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