Wheat prices on the futures market in Paris open the week at the same level as last week’s close.
The prices together form a level of around € 350 per tonne. In Chicago, the market started this week with some price recovery, after prices ended on a negative on Friday.
Particularly disappointing figures for wheat exports in the United States are putting pressure on the market there. This indicates that American wheat is currently insufficiently competitive on the world market. In the past week the wheat price in Chicago fell to about € 325 per ton.
The grain market is also gripped by the statements made in the context of consultations about the grain deal in the Black Sea region. Will the grain corridor agreement survive, or will this gate for Ukrainian grain be closed in advance? For the time being, it looks like the signals for extension of this corridor are green.
It is true that Ukraine (opening an additional port for export) and Russia (commissioning the pipeline for ammonia from Russia to the Ukrainian port city of Odessa) are imposing additional requirements.
Wheat export prices from Russia appear to be stabilising. The export indication price at the end of last week was slightly converted to € 317 per tonne. It is striking that the decrease in the export levy in recent weeks is € 33 per tonne to € 50 per tonne.