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Ukraine's government is set to decide on a possible ban on grain exports. This follows sweeping moves by neighboring Russia to ban grain exports in the Black Sea region.
Ukraine is the world's top barley exporter and the sixth-largest exporter of wheat. But the country's grain output has dropped significantly due to drought this year. Ukraine's Agriculture Ministry predicts they will supply 16 million tonnes of grain for export. That's a decrease of 5 million tonnes from a year ago. The Ministry says the total grain export until the end of this year will amount to 2.5 million tonnes.
This is undoubtedly bad news for Egypt, the largest wheat importer in the world. 63 percent of its total grain import comes from Ukraine every year. Prices of global wheat futures have been affected due to the Russian ban, soaring significantly since July.