On-the-Ground Updates

Wheat market trend in Turkey

Melih Kolukirik
Published Nov 9, 2021
The price of wheat for bread is around TRY 3,300-3,500 per MT in the domestic market. In the last tender held by Turkish Grain Board, the prices were around USD 360 at the end of October, with the current exchange rate, a price of around TRY 3,500. The increase in wheat price in the following months and the USD to TRY exchange rate are evaluated ; the prices are expected to be around TRY 4,000 per MT.
Considering Turkey's domestic market consumption due to the drought in 2021, the amount that needs to be imported is around 6 MMT which amounted to 3 MMT in 2020.
Russia, the main exporters to Turkey, is planning to export 30 MMT. 17 MMT of products have been sold, and the remaining amounts to 13 MMT. Russia imposed a tax on wheat exports, in order to control the amount of exports for the first time.
Out of 800 MMT of global production, around 790 MMT of consumption is expected. At the moment the world stock is at 300 MMT, of which 150 million tons is stored in China.
Attached file represents the planting area changes during the years.
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