Wheat prices are coming under pressure

Paris wheat prices

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.

Chicago wheat prices

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.

Russian prices stable

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.

Curb inflation

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.