U.S. Loses Crown as World’s Top Grain Shipper to Black Sea
- Black Sea exports probably rose to a record last season
- Shipments surge as crops expand, local currencies depreciate
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The Black Sea, a burgeoning source of grain exports, has probably overtaken the U.S. for the first time to become the largest shipper on the global market.
Exports from Russia, Ukraine and Kazakhstan probably rose to 80 million metric tons in the 12 months through June as crops expanded while local currencies weakened, making overseas sales priced in U.S. dollars more attractive, according to UkrAgroConsult. Shipments rose 14 percent from a year earlier and were about 10 percent higher than those from the U.S., data from the Kiev-based researcher and the International Grains Council showed.