Because of the destruction of its terminals, Kernel predicts a 30-40% rise in grain prices and a 20-25% rise in oil prices

Kernel's grain storage and transshipment facilities in the port of Chornomorsk were severely damaged by a russian missile attack on the night of July 19.

This is stated in the company's statement, agroportal.ua reported.

Kernel is currently assessing the material damage. According to preliminary data, it will take at least 12 months to restore the damage.

"In addition to infrastructure damage, 60,000 tons of grain were partially destroyed and damaged in a fire in the port of Chornomorsk during the attack on the night of July 19. This cargo was supposed to be loaded onto the large-capacity vessel Alexis and sent to China. However, this vessel stood in the grain corridor queue for more than 60 days and never entered Chornomorsk for loading. The world has once again lost Ukrainian agricultural products due to the sabotage of the Grain Initiative and delays in inspections caused by russian representatives," the company said.

Kernel believes that further attacks on Ukrainian ports, increased security at production facilities, and the inability to export grain by sea will lead to a 30-40% rise in corn and wheat prices in the short term.

There is also a risk that a number of Ukrainian oilseed processing plants will be suspended and that the rate of sunflower and rapeseed processing will decrease by more than 30%. This will significantly affect the world prices for sunflower oil, in particular, it will lead to an increase of another 20-25%, the company said.

Background. As reported, the shares of Kernel agricultural holding fell by 5% after the russian missile attack on the port of Chornomorsk.