FILE PHOTO: A Cargill logo is pictured on the Provimi Kliba and Protector animal nutrition factory in Lucens, Switzerland, September 22, 2016. REUTERS/Denis Balibouse/File Photo
By Olga Popova and Karl Plume
MOSCOW/CHICAGO, March 29 (Reuters) – Cargill said on Wednesday it would take a further step back from the Russian market by stopping handling Russian grain from its export terminal from July, although its shipping unit will continue to carry grain from Russian ports.
Most international grain traders have stopped new investment in Russia since last year following Moscow’s invasion of Ukraine but continued exporting Russian wheat.
“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,” the company said in an emailed statement.
Elevating refers to the lifting of grain into export vessels.
Cargill, which owns a stake in the grain terminal in the Black sea port of Novorossiisk, did not specify if it was selling the stake.
The Russian agriculture ministry had said earlier that Cargill had informed it that it would stop its grain export activities from the start of the next season.
“The cessation of its export activities on the Russian market will not affect the volume of domestic grain shipments abroad. The company’s grain export assets will continue to operate regardless of who manages them,” the agriculture ministry told Reuters.
In addition, grain trader Vittera, part-owned by Switzerland-based mining and trading giant Glencore, is planning to stop grain trading in Russia, Bloomberg News reported, citing sources familiar with the matter.
A spokesperson for Vittera declined to comment but said a statement would be issued at a later stage.
Vittera and Cargill are among the largest exporters of Russian wheat.
According to RBC business daily, Cargill will export 2.2 million tonnes of Russian grain in the 2022-23 exporting season, or around 4% of Russia’s total grain exports.
(Reporting by Olga Popova in Moscow, Karl Plume in Chicago and Sybille de La Hamaide in Paris; Additional reporting by Olzhas Auyezov; Writing by Sybille de La Hamaide, Editing by Jan Harvey and Josie Kao)
(c) Copyright Thomson Reuters 2023.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,142 members that receive our newsletter.
Have a news tip? Let us know.
The UK’s sanctions enforcement agency said it has identified cases where falsified documents are being used to evade a Group of Seven price cap on Russian oil exports.
The container shipping industry has experienced a remarkable turnaround in the third quarter of 2024, with total net income soaring to $26.8 billion, marking a staggering 164% increase from the...
The Port of Los Angeles handled an unprecedented 905,026 Twenty-Foot Equivalent Units (TEUs) in October—marking a significant 25% increase from the previous year and the first time the port has...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,142 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
