The much derided grain export quota system has been abandoned by the Ukrainian government with immediate effect.
No doubt there will be much rejoicing amongst the agricultural companies as the opaque system allowed significant room for corruption.
The government will now introduce export duties on grain at 9% for wheat, 12% for corn and 14% for barley. Far more transparent!
That will of course make Ukrainian grain far more attractive than Russian grain which still operates under an opaque quota system. No doubt this move by Ukraine will cause ructions in the Russian market and may possibly force Russia to do the same.
If so, good news for a food market that is seeing prices go up and up across the globe.
It will certainly please some friends of mine who sell grain for export.