Struggle on the wheat markets, Egypt treads on the heels of the Turks

Published 2024년 11월 14일

Tridge summary

The USDA report indicates a decrease in wheat export prices since October, with Argentinian wheat priced the same as Russian, making Russian wheat uncompetitive in America. European wheat is closely following Russian and Argentinian prices, while Australian, Canadian, and American supply is 30-40 dollars higher. Turkey lifted a ban on wheat imports, requiring 15% of requirements to be imported and 85% domestic, negatively impacting flour exports. In the first three months of the 2024/25 sales season, Turkish flour exports dropped by 41% compared to last year. Egypt is making up for any potential Turkish flour shortage, setting a record of 1.5 million tons of flour exports in 2023/24, with expectations to export 2 million tons this season.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the USDA report, wheat export prices have decreased since October. On November 6, Argentina's crop was asked at the export ports for exactly the same price as in Russia, which makes the goods of the Eurasian superpower uncompetitive on the American continent. (See: Argentine wheat in Finis.) Russian and Argentinian export quotations are followed by European wheat, only $2 behind the most competitive prices. Grain from the EU will have to make heavy concessions if it wants to keep up with Russian offers, especially at a time when demand in export markets is also weak (see below). Another competing group is the Australian, Canadian and American supply, which represents a price level in the ports that is 30-40 dollars higher than in the European region. Turkey did not import wheat until October 15. Until the import ban, Turkish mills could import raw materials duty-free if they were needed for the production of flour intended for export. The measure was necessary due to ...

Source: MezoHir