Greece: The price of hard oil is under pressure, another 25 euros down in Foggia, Canada is cutting land

Published 2023년 2월 2일

Tridge summary

The European grain and pulses market is experiencing a price correction, with quality durum wheat prices in Greece dangerously close to falling below 38 cents. This is due to a 25 euro price cut in all quality categories by the first meeting of Foggia in February, with further price drops expected. Canada's Department of Agriculture forecasts a 30% price contraction for the current marketing season and additional reductions for the 2023 crop, which could impact global durum wheat prices as Canada is a major supplier. The market's downturn is also attributed to the strengthening of the euro against the dollar and a decrease in container costs, both of which are putting downward pressure on European grain prices. Additionally, the market is under pressure from reduced sowing in the Black Sea region and the gradual disposal of stocks under the Istanbul agreement.

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

Original content

Despite strong pressure on European prices, interest in grain and pulses production remains high and a price retreat below the 38 cent safety net for quality durum wheat in Greece cannot be discounted. The fire of the correction was fueled by the first meeting of Foggia this month, which cut 25 euros from all quality categories, with the highs of the market now retreating to 440 euros per ton. Foggia has lost a total of 55 euros since the beginning of the year, that is, within the first four meetings held in the trading center, with the fourth and most strongly falling list following the negotiations that took place at midday on Wednesday, February 1. They are the lowest price levels set by the market for durum wheat harvested last summer. Canada to reduce land area The latest estimates from Canada's Department of Agriculture point to a 30% price contraction for the current marketing season, with further reductions expected for the 2023 crop. Already, however, Canadian wheat ...

Source: GRAgronews