Italy's export freeze due to Canada and strong euro

Durum Wheat

Wheat

Italy

Published Dec 22, 2022

Tridge summary

The export price is around 420 euros per ton FOB our port for medium quality wheat, while local mills having met their needs are paying similar prices for good quality wheat with slower loadings. Sellers on the other hand are not ready to digest the new price levels and as a result no new sales are recorded. In durum wheat, the prices in the new Foggia list were reduced by another 5 euros for all qualities. Specifically, for quality wheat with a specific weight of 78 kg/hl, vitreous 70% and protein 12%, the merchant warehouse price is negotiated at 490-495 euros per ton. Also for the second quality with a specific weight of 76 kg/hl, vitreous 60% and protein 11.5%, the merchant warehouse price ranges from 480-483 euros per ton. In France, prices have remained at 465 euros per ton since the beginning of November, and the rise of the euro naturally does not facilitate new sales outside of Europe.

Original content

Canada is still gaining on exports, however analysts expect a better pace so we don't end the season with high ending stocks. Meanwhile, with an average price of 512 dollars per ton delivered to their port, the Tunisian tender, which involved the purchase of 125,000 tons of crude, was closed. This price is 20 dollars lower than their previous purchase around the middle of November, while if we calculate it in euros it becomes even lower as the dollar has weakened against the euro and today gives 480 euros per ton ...

Source: GRAgronews