World wheat prices have fallen significantly

World wheat prices have fallen significantly

The World of NAN editorial analyst presents a brief overview of the world markets of agricultural products for 27 May - 7 June.

World wheat prices have fallen sharply over the past fortnight after several weeks of gains. Soft wheat prices in Chicago fell by 10% to $230 per ton. Hard Red Winter was down 7.8% to $244. There were no special factors for the price decrease. In separate news, Turkey banned wheat imports until October to support local producers against cheap imports from Russia. In Russia, a state of emergency was introduced in ten regions after frosts, and 800,000 ha of grain were reseeded.

Prices for Russian export wheat in Black Sea ports rose slightly again. The price index increased by 0.4% and reached $236 per ton. The actual duty on wheat exports from Russia for these two weeks decreased by 4.4% and is 2,845.3 rubles per ton. According to Kazakhstan commodity exchange ETS, the last deal in wheat was held last Friday. The transaction price of 3rd class wheat with 27% gluten was ₸141,000 per ton. Also, Grade 3 Triticum Aestivum wheat was sold at ₸136,000 per ton and Grade 5 wheat at ₸84,000. On June 6, sugar was traded at ₸355,000-360,000 per ton, thereby dropping by ₸20,000 over the past two weeks.

In London, sugar prices recovered only 1.4% to $553 per ton over the two weeks. The main factor behind the price increase was the variable weather around the world, including sugar producing countries. Also note that the Indian Meteorological Department has forecast that the monsoon season in southern India will start a few days earlier than usual. In Brazil, according to the latest data for the first half of May, production grew by 1% YoY, and overall, since the start of the season in March, annual growth was 25.7%.

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