JEDDAH/KIEV – Ukraine will supply grain, including milling wheat, to Saudi Arabia under an agreement signed this week, Ukraine’s Agriculture Ministry said Friday.
A spokeswoman for the ministry said the deal was signed during a visit by Ukraine’s Farm Minister Mykola Prysyazhnyuk to Saudi Arabia but gave no details.
Saudi Arabia is already a major consumer of Ukrainian feed barley and has also imported Ukrainian wheat and maize.
According to data provided by UkrAgroConsult consultancy, Saudi Arabia imported 1.1 million tons of Ukrainian barley, 136,420 tons of wheat and 22,000 tons of maize in the first three months of the 2011/12 marketing season.
Ukraine sold 3.9 million tons of barley to Saudi Arabia in the 2010/11 season and made no wheat and maize exports.
Saudi stocks extend losses
Saudi Arabian shares extended losses for a fourth day after global stocks fell on growing anxiety that Europe’s debt crisis will spread and as violence in Egypt and possible sanctions on Syria raised concern about regional stability.
Petrochemical stocks closed one percent lower to 5,951 points and SABIC dropped 1.4 percent.
The Tadawul All Share Index dropped 0.47 percent at close Saturday to 6,057.59 points. The stock bechmark extended losses in the past four days to 2.4 percent. Three shares dropped for every two stocks that rose.
“International sentiment is weighing on Tadawul, international markets have traded in the red for more than five sessions now,” an analyst said. – SG/QJM