(Adds company assets and Cargill comment from fifth paragraph.Refocus photos on a single point or create 3D images using one lens. With assistance from Archie Hunter, Tarso Veloso and Anuradha Raghu. Around that time, major Russian fertilizer supplier UralChem informed President Vladimir Putin that it was willing to buy the local assets of grain traders Cargill and Viterra. Governors of key grain-producing regions last year called for foreign companies’ participation to be limited, so that Russia could control its own exports. Read: Russia Says Crop Titan Cargill Will Stop Exporting Its Grain The ministry indicated that it doesn’t expect the move to stop any Russian supplies reaching global markets and that Cargill’s assets related to shipping grain will keep functioning regardless of who manages them. OZK, which is also known as United Grain Co., is owned by the state and Demetra.Įarlier, Russia’s agriculture ministry said it received a notification from Cargill about plans to stop exporting the country’s grain, following a report by business newspaper RBC. State-controlled VTB Group is one of the shareholders of Demetra. Grain Gates, the second-biggest exporter, is a partner of Demetra Trading. Two of the big Russian firms that could benefit from the traders’ exit are state-backed. Its export assets include a stake in a port terminal in Novorossiysk on Russia’s Black Sea, and a river terminal in Rostov-on-Don. The Minnesota-based company is in the process of reviewing its portfolio of assets relating to grain exports, according to a person familiar with the matter. “Cargill intends to continue shipping grain from Russia to destination markets in line with our purpose to nourish the world.” “As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season,” a spokesperson said. The firm didn’t respond to a request for comment.Ĭargill cited mounting grain export-related challenges for its decision. Viterra owns 50% of the Taman grain terminal on the Black Sea. For now, the company is still shipping grain and is figuring out how it will leave and what to do with its assets. Viterra plans to leave by the end of this agriculture season, according to one of the people. Wheat futures rose as much as 3.5% in Chicago on Wednesday. International grain traders have also faced pressure to leave from Moscow and the local industry. Its agricultural products aren’t under sanction, but trade can be complicated by restrictions on Russian banks and state companies. Russian grain is vital to global crop trade and feeding the world. Viterra and Cargill both ranked in the top six exporters of Russian wheat in the first half of the season. Cargill will stop exporting grain sourced by the company in Russia from July, but will continue to buy cargoes from other firms. Glencore-backed Viterra is planning to exit the Russian export market and intends to announce the decision soon, according to people familiar with the matter. Scotiabank Economist Excoriates Trudeau, Freeland Over $32 Billion Spending Boost $335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot Market New Yorkers Are Moving to These Three Florida Cities $52 Billion Chipmaking Plan Is Racing Toward Failure and Viterra, will halt purchases for export in a shift that will give local firms more control over shipments. (Bloomberg) - The two biggest western shippers of Russian grain, Cargill Inc.
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