Prices for Ukrainian wheat continue to fall
Export prices for Ukrainian wheat continue to decline due to the active harvest of the new crop and an increase in grain supply. At the same time, Black Sea wheat remains one of the cheapest on the global market, which could stimulate demand in the near future.
Purchase prices for food-grade wheat fell by another 200–250 UAH per metric ton over the week—to 10,400–10,600 UAH (206–210 dollars per metric ton) delivered to Black Sea ports. Feed wheat prices fell to 9,800–9,900 UAH per metric ton.
The price decline is attributed to the accelerated harvest and high yields in southern Ukraine. At the same time, forecasters predict prolonged rains, which could slow down the harvest and deteriorate grain quality.
Analysts also expect an increase in the share of feed wheat due to damage to part of the crop caused by fungal diseases.
Despite the price drop, it is precisely the low prices for Black Sea wheat that may support global demand. An additional factor is Saudi Arabia’s tender to purchase 655,000 metric tons of wheat and the rising cost of U.S. grain.
Source: Grain Exchange.
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