News

Wheat prices in Ukraine are rising amid declining supply

Wheat
Ukraine
Market & Price Trends
Published Apr 20, 2024

Tridge summary

In Ukraine, the price of wheat has increased due to a combination of reduced supply from producers, strong export demand, and a notable victory in an Egyptian tender that spiked demand for milling wheat. Despite favorable sowing conditions, the focus on planting has impacted the sale of remaining stocks, with a projection of decreased wheat harvest in 2024. Meanwhile, robust exports for the 2023/24 marketing year have led the USDA to raise its export forecast. However, global wheat markets are under pressure from the influx of cheap Russian wheat, influencing prices worldwide. In the US, wheat futures have seen fluctuations influenced by weather conditions and crop outlooks. The International Grains Council (IGC) anticipates a slight decrease in global wheat production and ending stocks for the 2024/25 marketing year, reflecting the complex dynamics affecting the global wheat market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

During the week, the purchase price of wheat in Ukraine increased amid declining supply from producers and strong export demand, and increased for feed wheat by 100-200 UAH/t to 6800-7000 UAH/t or 156-158 USD/t and for food wheat by 50-100 UAH/t to 7600-7900 UAH/t or 173-178 USD/t with delivery to the Black Sea ports. the Victory of Ukrainian wheat in the tender in Egypt has increased the demand for milling wheat, which at the end of the season was a little. Farmers are actively sowing due to the favorable weather and have no time to sell the leftovers. And precipitation is improving the condition of crops and the prospects for the next harvest. According to the first forecast of the Ministry of Agrarian Policy, in 2024 the wheat harvest in Ukraine will decrease from 22.2 to 19.2 mln tons compared to the previous year. In 2023/24 MY, Ukraine exported 15 mln tonnes of wheat, including 1.17 mln tonnes in April (0.65 mln tonnes in April 1-17, 2023), and USDA raised the export ...
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