Baltic routes, importer shifts and El Niño test grain markets

AI Summary

Grain flows face pressure from limited Black Sea activity, vessel queues near the Danube, shifting importers, and El Niño-related weather risks. Ukrainian exports from Izmail and Reni remain important to the export campaign, while reported Russian shipments have been few.

Black Sea flows remain minimal The Black Sea picture is stark. Vessels sit at anchor offshore, waiting to enter the Danube to load, and the backlog is large. Ukrainian shipments from Izmail and Reni are vital for the export campaign, though volumes are relatively low. Only a few Russian shipments have been observed through the ...