Ukraine Grain Assoc-Spring Crop Areas Down 29% On 2021 As Of 23 May

Wires and social media reporting comments from the Ukraine Grain Association stating that Ukraine's spring crop areas are down 29% compared to the same period in 2021 as of 23 May.

• There remains major focus on Ukrainian grain production, given its position as a major exporter and crucial food provider to a number of countries, notably in the MENA region.
• It is not only low production that will likely see prices spike in the future, but the inability to get stored grain out of Ukraine at present. Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine, said to the BBC that a form of 'corridor' was required to get millions of tonnes of wheat to sea ports.
• Rising grain prices risk political unrest in countries round the world, with emerging markets particularly vulnerable given the greater proportion of individuals' income that is spent on food. The 'Arab spring' protests in the early 2010s were partially inflammed by rising bread prices in MENA nations, while countries such as Sri Lanka, Iran, Argentina, Kenya, Greece and Peru have seen food price/production cost protests by either civilians or farmers in recent weeks.