The impact of the changing political and financial landscape is immediate for US feed giant Cargill as it deals with unpredictable raw material prices and ships grains across the Black Sea.
Earlier this year, Ukraine and Russia agreed to allow vital grain exports from Ukrainian Black Sea ports to resume after they were halted following Russia's invasion of Ukraine in February.
The deal was primarily aimed at easing the global food crisis sparked by the invasion, but the aquaculture feed sector, which relies heavily on grains, is also benefiting from the agreement, with wheat and rapeseed oil costs falling as a result.
