Pressures intensify on the European grain market, Foggia loses another 20 euros

Published Jan 26, 2023

Tridge summary

The second quality, which also meets the specifications of the basic volume of Greek exports, has now receded to the region of 453 euros, which implies further pressure on the "Greek FOBs" which until last week were hardly paid at 410 euros per ton. The prices in the Italian market are now very close to those with which transactions are made in the physical market of France, which for several weeks has been stabilized at 460 euros per ton. Foggia has lost a total of 30 euros since the beginning of the year, that is, within the first three meetings held in the trading center, with the third falling list following the negotiations that took place at midday on Wednesday 25 January. Now, in durum wheat, the prices on the Foggia list indicate for quality wheat with a specific weight of 78 kg/hl, vitreous 70% and protein 12%, a merchant warehouse price of 460-465 euros per ton.

Original content

For the second quality with a specific weight of 76 kg/hl, vitreous 60% and protein 11.5%, the merchant warehouse price ranges from 450-53 euros per ton. The messages from the Greek market, for the very little wheat that is in the hands of producers, want the demand reduced. However, given that French prices remain unchanged, the limited availability of durum wheat on Canada's eastern seaboard (the great lakes serving the transport from the western granary to the eastern Canadian ports have frozen over) but also the generally scarce stocks after back-to-back bad harvests, one in Europe and one in Canada, leave little room for significant further price declines. All will be decided by Canadian durum wheat seeding estimates, which will be released later in February. At the moment, the only given in the Greek market for next year, are the contracts of 35 +3 cents for the contract wheat that will be threshed in 2023. Meanwhile, a persistent decline in grain prices in European markets, ...

Source: GRAgronews