At the end of last week, wheat prices in the United States started to fall due to the start of the harvest there. Factors driving up prices such as the war in Ukraine and the heat stress in France have faded into the background.
Wheat prices on the futures market in Paris held up very well last week at a price level of € 191.50 per tonne of September delivery. At the beginning of this week, trading will start somewhat lower at a level of about €7.50 lower with prices of around €384 per tonne.
In Chicago, quite a bit was handed in at the end of last week. The price level there dropped about 3.5% compared to the previous week.
In Russia, prices seem a bit more stable. The indicative price on the basis of which, the export duties is determined rose to almost $ 400 per tonne. In other words, more than € 380 per tonne. That is the highest level at which the indication price is set. As a result, the export levy has been increased to over €135 per tonne.
A year ago, the export tax was introduced by Russia to curb inflation at home. Which has failed completely. Inflation has risen to a record high this year, partly due to the sanctions against Russia as a result of the invasion of Ukraine. By way of comparison: at the beginning of June last year, the export tax was about € 25 per tonne.