Global: Fierce export competition fuels falling prices

Prices were on a downward trend again on Wednesday on the European market, with wheat below 210 euros per tonne and corn below 180 euros per tonne, the lowest in two and a half years. On the American market, yellow grain fell during the session to its lowest since December 2020, to $4.335 per bushel (25.4 kg). “The key word for the markets today is a big competition on the international scene which is expected in the second part of the campaign (before the summer harvests) and which limits any potential for price increases”, estimates Arthur Portier, senior consultant at Agritel-Groupe Argus Media France. This competition is all the tougher as there remain large volumes to export, particularly in Europe and the Black Sea basin. In Russia, the world's leading wheat exporter, “there were still 22 million tonnes of wheat left on farms in December, compared to 13 million two years ago. (...) In this context, it is the one who will be the least expensive,” notes Arthur Portier. French ...