Export prices for milling wheat in Ukraine reached 10000 UAH/t

Purchase price of wheat in Ukraine rose sharply amid strong exports and limited supply, and is not yet affected by the decline in world prices.

During the week, the export purchase prices increased by another 5-6 USD/t to 210-215 USD/t or 9700-10000 UAH/t for food wheat and to 200-205 USD/t or 9400-9550 UAH/t for feed wheat with delivery to the Black Sea ports.

In MY 2024/25, Ukraine exported 6.9 mln tonnes of wheat (3.9 mln tonnes in the same period last year), including 796 thsd tonnes in October, up 34% compared to October 2023.

The increase in precipitation allowed to accelerate the pace of sowing. As of October 14, winter wheat was planted on 3.7 mln ha, or 72% of the planned 5.18 mln ha.

amid strong demand from importers, prices for Russian and Ukrainian wheat rose to 230-235 $/t FOB, which supports the purchase price in Ukraine.

In Russia, as of October 14, 97% of the area (including the occupied territories) has been harvested with 85.8 mln tonnes of wheat, and the harvest is nearing completion.

In the United States and South America for the second consecutive week rains, which improve the condition of wheat crops and lowered the quotes. During the week, wheat prices on U.S. exchanges fell by 1.3-2.8% (losing growth in the previous week), but in the EU remain at a high level of 250 $/t.

Yesterday, the December futures declined:

• by 2.4% to 215 $/t – for soft winter SRW wheat in Chicago (-1.3% for the week),
• by 2.5% to 216.8 $/t – for hard winter HRW wheat in Kansas City (-2.2%),
• by 2.8% to 230.2 $/t – for hard spring HRS wheat in Minneapolis (-2.8%),
• by 0.1% to 228.75 €/t or 249.4 $/t – for wheat on the Paris Euronext (0%).

Decision of the Egyptian authorities to limit the price of future purchases of wheat at 240 $/t may limit the growth of prices for black sea wheat in the near future, especially after GASC purchased without a tender 3.2 million tons of Russian wheat. Currently, the country’s strategic wheat stocks are enough for 5.2 months, so there is no need for new purchases amid rising world prices. In the first 9 months of 2024, Egypt increased the wheat imports by 30% from 8.3 mln tonnes to 10.8 mln tonnes compared to the same period of 2023.

Tags: prices, wheat, Ukraine