Zelensky accuses Russia of deliberately slowing grain shipments Cereal - International Trade HEAD TOPICS

Zelensky accuses Russia of deliberately slowing grain shipments

10/22/2022 1:04:00 AM

The U N confirmed a backlog of 150 ships waiting to fulfill contracts to transport Ukrainian food products a delay that comes as a deadline to renew a grain deal nears

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President Volodymyr Zelensky has accused Russia of deliberately slowing down grain exports to create a food crisis, undermining a deal the United Nations brokered earlier this year that freed millions of tons of food trapped in Ukraine ’s ports by the war. The U N confirmed a backlog of 150 ships waiting to fulfill contracts to transport Ukrainian food products a delay that comes as a deadline to renew a grain deal nears Grim Tales of Occupation:After Ukrainian troops regained control of parts of the Kharkiv region, police officers seeking to re-establish a Ukrainian administration have been overwhelmed byaccounts of detentions, torture and missing relatives.She declined to comment on what was causing the delays. She said the Joint Coordination Centre — a team of officials from Russia, Turkey, Ukraine and the United Nations that monitors the ships — “has acknowledged this problem and is trying to address the backlog.” Read more:
New York Times World » Japan ramps up intervention threats after yen slides past key 150 level Türkiye lowers policy rate by 150 basis points to 10.5% US Dollar Forecast: DXY Index Consolidation Continues as USD/JPY Breaks Above 150 Tesla Model Y Sales Skyrocketing, May Beat Ford F-150 Globally In 2022

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USD/JPY rates have reached a fresh yearly high, helping the DXY Index remain in its symmetrical triangle. Tesla Model Y Sales Skyrocketing, May Beat Ford F-150 Globally In 2022BloombergNEF predicts Tesla's Model Y electric crossover could move into the top five for global sales in 2022, and it seems the publication is on the mark. USD/JPY: Strong intervention at 150 would be a technical mistake on MOF's side – CommerzbankUSD/JPY is trading just below the 150 mark. And as a result, everyone is talking about whether the Japanese Ministry of Finance (MOF) will intervene o Japanese yen hits 150 against the U.S. dollar, weakest levels not seen since August 1990Japanese yen hits 150 against the U.S. dollar Options expiry manipulation . With only ~$600k I can feel like billionaire in Japan? Hmm worth a trip just to feel it for a while 😉 Good for them and bad for US trade. After suffering decades of Trade deficit US devalued $ against Yen to 144 or 50% under Plaza Accord to restore competition. POTUS BernieSanders DonaldJTrumpJr washingtonpost nytimes cnni BBCWorld RT_com CGTNOfficial in the Donbas region and potentially retake Kherson.After the yen's first break beyond the symbolic mark since 1990, top currency diplomat Masato Kanda told reporters that authorities were "always ready to take necessary action as excessive volatility has become increasingly unacceptable.In the previous monetary policy meeting last month, the bank lowered the policy rate by 100 basis points to 12 percent.Get My Guide USD/JPY RATE TECHNICAL ANALYSIS: DAILY TIMEFRAME (October 2021 to October 2022) (CHART 2) USD/JPY rates have pushed above 150. Grim Tales of Occupation: After Ukrainian troops regained control of parts of the Kharkiv region, police officers seeking to re-establish a Ukrainian administration have been overwhelmed by accounts of detentions, torture and missing relatives . She declined to comment on what was causing the delays. Register now for FREE unlimited access to Reuters. She said the Joint Coordination Centre — a team of officials from Russia, Turkey, Ukraine and the United Nations that monitors the ships — “has acknowledged this problem and is trying to address the backlog. Geopolitical risks on global economy are increasing and recession expectations are getting stronger on a global scale, the bank said in a press release on Thursday.” The deal allowing Ukrainian grain exports to resume through the Black Sea was brokered with Russia and Ukraine by the United Nations and Turkey in July. It also puts the Bank of Japan (BOJ) in the spotlight ahead of a policy meeting next week, when it is widely expected to maintain its ultra-low interest rates that are blamed for pushing down the yen. The agreement must be renegotiated over the next month, and its future is uncertain. “It’s worth noting that USD/JPY rates have traded above levels at which the Japanese Ministry of Finance has previously intervened to support the Japanese Yen. Under the pact, Ukrainian pilots guide ships through Ukrainian minefields around the ports, and are then given safe passage by the Russian Navy to Turkey, where teams involving all the parties inspect them before they head to delivery ports. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said." READ MORE: Türkiye ‘becomes’ hub of business opportunities amid global crises The bank said it plans to end the cut cycle after another rate cut in the next meeting. Returning ships are also inspected for arms. U. Suzuki said he won't comment on specific yen levels.N. officials have called the deal a success. It last traded at 149. The number of traders net-long is 1. The secretary general, António Guterres, has credited the shipments with driving down world food prices and averting a global hunger crisis. As of Oct. Reuters Graphics LONG SLIDE The dollar has surged some 30% against the yen this year, despite Japan spending up to a record 2. 19, almost 8.8 million tons of grain and other foodstuffs had been exported under the agreement, according to a report issued on Thursday by the U.7 billion) intervening in the foreign exchange market in September to support its currency.N. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise. Conference on Trade and Development.. Nearly 20 percent of the wheat exports have gone to developing countries, the report said, though that amounts to about 1.3 million tons less than in 2021. people have been anticipating intervention for a while," Moh Siong Sum, currency strategist at Bank of Singapore, said of the 150 to the dollar threshold. The report said that Ukraine’s shipments are still about half of what they were before the war. It added that the prices of global food staples had declined since the agreement was signed, but that the prices of some commodities, including wheat and maize, had begun to rise again because of the uncertainty of the deal’s renewal. REUTERS/Florence Lo/Illustration/File Photo Read More "People are going to look over their shoulders for a while and see whether there's any action (intervention) or not. Russia and Ukraine have yet to agree on extending the agreement, which is set to expire at the end of November. Ukraine has said it wants the deal extended, but Russia earlier this week unless promises from the West to facilitate more shipments of Russian food and fertilizer were honored. That's how the market goes. As part of the deal, the United States and the European Union gave assurances that banks and companies involved in trading Russian grain and fertilizer would be exempt from economic sanctions on Russia. “The situation around the export grain initiative is becoming more and more tense these weeks,” Mr." The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying. Zelensky said on Friday. Carly Olson . The central bank's step underscores the dilemma Tokyo faces in trying to contain unwelcome yen falls, without resorting to interest rate hikes that could derail Japan's fragile recovery.