Cargill, one of the world’s leading traders of agricultural products, has begun exporting this year’s crop from war-torn Ukraine. This is a move that could help bring down global food prices even further.

Shipments have been flowing since Russia agreed to renew an agreement to keep export corridors open. The extra shipments are helping lower global food costs, which rose to a record high in March after Russia’s invasion of Ukraine cut off supplies from key producers.

Ukraine has shipped about 12.6 million tons of grain through the Black Sea since the first UN-brokered deal was signed in late July, giving the country’s economy a lifeline in the middle of the war.

The deal, which was extended for another 120 days in mid-November, helped push global food prices to a nine-month low in October. From wheat to maize to sunflower seeds, shipments have fallen this year and Ukraine’s harvest is expected to be 60-70% higher than last year.

The company added that it no longer manages two sunflower crushes in the country.

In Russia, Cargill said it would exit non-essential businesses, but backed the decision to stay in business because Russia is key to feeding the world.

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