Wheat quotations resumed their decline globally

Published 2023년 5월 25일

Tridge summary

Global wheat prices have dropped 2.7-3.8% due to low demand for old-crop grain and favorable weather conditions for good harvests. Despite the Russian Federation's blocking of the grain corridor, there is no increased pressure on the world market from Ukraine. The European Union has increased its soft wheat exports by 13% compared to the previous season. Russian wheat exports have decreased by 19% to 889 thousand tons, but the country's total exports since the beginning of the year are 39.6 million tons, 43% ahead of last year. India's decision to lift the ban on wheat exports, originally introduced to reduce domestic prices, is expected to support wheat prices.

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

Original content

Wheat prices on global exchanges fell 2.7-3.8% yesterday, giving up early week gains, as demand for old-crop grain remains low and weather favors good harvests in major exporting countries. This is reported by analysts of the GrainTrade electronic grain exchange. Yesterday, July futures fell in price: by 2.7% to $222.8/t - for soft winter SRW wheat in Chicago, by 3.7% to $298.5/t – for hard winter HRW wheat in Kansas City, by 3.8% to $293.6/t – for HRS durum spring wheat in Minneapolis, by 1.2% to $257.5/t - for Black Sea wheat in Chicago, by 1.9% to €222.5/t or $238.9/t – September wheat futures on the Paris Euronext. Representatives of the Russian Federation as part of the SCC continue to block the operation of the grain corridor, and during May 19-21 they inspected only 9 ships, although more than 60 ships are waiting in line. Vessels will not be allowed to enter the Southern port starting from May 2. Therefore, there is no reason to talk about increased pressure on the world ...

Source: Agrotimes