The spread between milling and feed wheat in Ukraine remains narrow
Ukraine exported 848 thousand tons of wheat in May. Exports were concentrated mainly in North Africa and the Middle East. This was reported by analysts at Spike Brokers.
Main export destinations:
- Egypt — 331.1 thousand tons;
- Algeria — 240 thousand tons;
- Yemen — 107 thousand tons;
- Tunisia — 40.1 thousand tons;
- Spain — 31.5 thousand tons;
- Greece — 23.9 thousand tons;
- Lebanon — 21.2 thousand tons;
- Indonesia — 20.7 thousand tons.
“Such a structure leaves Ukrainian wheat in the segment of price competition with other Black Sea origins before the transition to a new crop,” the brokers noted.
Meanwhile, the Ukrainian physical market has changed minimally. The spread between milling and feed quality remains narrow, limiting the scope for more aggressive pricing in the old crop. Prices on CPT Odesa were fixed within the limits:
- for milling wheat — $224/t (+$1);
- for feed wheat — $219/t.
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