Wheat prices rose again by 6-7% amid increased Russian aggression against Ukraine

Hopes for negotiations between Ukraine and Russia in Belarus and for a cease-fire were not fulfilled. In addition, the Russian military was ordered to increase attacks not only on military but also on civilian targets, so there are numerous civilian casualties, although in the first days of the war, the Russians attacked only military infrastructure.

Since Monday, wheat quotes on world stock exchanges have increased by 6-7% amid the lack of supplies from Ukraine and Russia.

European and Indian exporters were able to step up exports and replace Black Sea wheat on the markets amid high prices.

• March European wheat futures on Paris ‘ Euronext rose 32.5 €/t to 322.5 €/t or 3 361 / t.

Amid uncertainty with supplies from the Black Sea region, India may increase exports, having significant wheat reserves as a result of five consecutive record harvests. The authorities and private traders try to use every opportunity to sell grain on the world market.

According to traders ‘ estimates, India, which sold 1.12 million tons of wheat in 2020 and increased exports to 6.12 million tons in 2021, may sell 4 million tons in the first half of 2022. if earlier Indian traders sold wheat at a price of F 305-310/ton FOB, now they export it at.330/ton.

On the US stock exchanges, March futures fully recouped Friday’s fall and Rose:

• by 10% or 3 31.23 / ton to Чикаго 341/ton for soft winter SRW wheat in Chicago,
• by 7.6% or 2 24.71 / ton to 3 350.6 / ton for hard winter HRW wheat in Kansas City,
• by 3.8% or 1 13.5/ton to 3 363.4 / ton for hrs durum wheat in Minneapolis,
• by 5.4% or 1 17/ton to 3 332.5/ton for Black Sea wheat in Chicago.

Egypt’s GASC yesterday canceled the second tender for the purchase of food wheat for delivery on April 13-26 due to high offer prices. The organizers received 3 offers: French wheat from Viterra – 60 thousand tons at F 399/ton FOB and Soufflet – 60 thousand tons at.389.92/ton FOB, and American wheat from Cargill – 60 thousand tons at. 447/ton FOB.

GrainTrade

Tags: Russia, prices, wheat, war, Ukraine