Global commodity trade Glencore is looking to nearly double its grain export capacity at the Russian Port of Taman by purchasing the terminal usage rights of Ukraine’s Kernel Holding.
Glencore and Kernel each held 50% of the 14.5M tonne grain terminal at Taman and had the right to split its capacity evenly, wrote World Grain on 24 July.
The Black Sea region’s role in global grain trade – including oilseeds – had grown significantly in recent years and the trade tensions between China and the USA were expected to further boost its significance, said World Grain.
Exports of soyabeans, which were a secondary crop in the Black Sea region after wheat, had increased over the past year, with Russia reporting that it had exported a record 850,000 tonnes of soya to China between July 2017 and May 2015, more than double the amount sold in the same period in 2016/17.
Earlier in July, Ukraine’s State Food and Grain Corp said it had shipped more than 1M tonnes of various grains to China in 2017/18, which was also twice as much as in the year prior.
The Black Sea region’s share of the global wheat market increased 37% in 2017/18, World Grain said quoting data from the International Grains Council.
Glencore was Russia’s second largest grain exporter in 2017/18, according to grain carrier Rusagrotrans.