Slack demand dragged down Ukrainian and Russian wheat prices
Wheat
Russia
Ukraine
Published Jan 18, 2022
Tridge summary
Wheat prices for Ukrainian and Russian origins dropped on low demand late last week. Wheat prices on Euronext were also down.
Original content
Last Friday, Jan. 14, Ukrainian and Russian wheat prices continued to fall amid weak demand. Even Iran's purchase of Russian wheat and Algeria's purchase of Ukrainian wheat did not support prices, the Agritel consultancy writes. As reported, on the local Ukrainian market, wheat prices also fell sharply, pressured by weakening hryvnia against the dollar, as tensions rose amid a possible military confrontation between Russia and Ukraine. Wheat continued to fall on Euronext in a context of insufficient export activity and another risk of seeing the French origin boycotted by Algeria in its latest tender. "Nevertheless, export activity to Morocco seems to be sustained. Algeria would have bought about 600,000 t of optional origins. The origins selected could come from Argentina and the Black Sea basin, despite the good competitiveness of the French origin. Diplomatic relations remain a source of tension," the report reads. The price of wheat in Chicago is falling due to the lack of ...
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