Global wheat prices down with Putin’s announcement

Published 2022년 6월 4일

Tridge summary

World wheat prices are experiencing a decline, returning to pre-May levels following Russia's decision to allow occupied ports for exports. This has led to a decrease in wheat and corn prices on the Chicago Board of Trade. The situation is critical as countries like Egypt, Turkey, Bangladesh, and Iran, which rely heavily on Ukrainian and Russian crops, face the possibility of shortages and potential unrest. Italy, heavily dependent on these imports, is struggling with its agricultural sector and faces challenges in production and high costs. Coldiretti emphasizes the need for measures to cut costs and plan for the future, particularly in the agricultural sector.

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

Original content

World wheat prices are falling, returning to the same levels as 2 months ago after the green light from Russian President Putin to use the occupied ports for exports also for Ukrainian crops. This is what emerges from Coldiretti's analysis at the weekly closing of the Chicago Board of trade where wheat on the futures market was quoted at 10.4 dollars per bushel (27.2 kilos) and with a 10% reduction in three days it returned. on the values of the beginning of April. The prices of corn for animal feed are also falling - underlines Coldiretti, which drops to 7.27 dollars per bushel due to the 6.4% drop in 3 days. The departure of ships from the ports of the Black Sea - underlines Coldiretti - means the emptying of Ukrainian warehouses where it is estimated the presence of over 20 million tons of cereals including wheat, barley and corn destined for exports both to rich countries and more poor where the blockade risks causing riots and famine. Countries such as Egypt, Turkey, ...

Source: Coldiretti