Traders are trying to speculate on the crisis in the Red Sea, rising freight rates and other global issues to prove that the price of wheat and corn should be lower than it is now. This is the assumption of the experts of the analytical center of the First Ukrainian Agricultural Cooperative "FUAC", created within the UAC.

As of January 22, 2024, Ukraine's exports amounted to more than 1 million tons of wheat. As of January, traders have contracted 1.5 mln tons of the crop. Sales are also quite active for February, with 1.3-1.4 mln tons of wheat already contracted. There are also small sales for March. At the same time, wheat stocks are at a sufficient level.

"On the importers' market, the price tags remain virtually unchanged. The only buyer trying to buy relatively cheaper is Turkey. Spain and Italy have reduced their prices by only USD2. There is no huge drop in export markets. In addition, traders are trying to push narratives about a market collapse due to problems in the Red Sea and rising freight costs. They are especially trying to buy feed wheat at a lower price. But there is no clear factor that would pull prices down," was mentioned by the FUAC analysts.

In the ports of the Danube, wheat costs USD180-185 per ton of wheat, with a prediction of an increase in February. In the ports of Odesa - USD184-189. And on the border with Romania - USD220-225 per ton.

The same situation is on the corn market. In January, 3.2 million tons were contracted. In February, 2.8 million tons have already been sold. For March, 1 million tons have already been contracted.

"There was almost no price drop for importers. Egypt has been buying at USD215-220 per ton of corn and continues to buy at this price. In Europe, prices are also stable. Even the fact that our major exporters went to the port of Constanta last week and started selling large volumes of this crop did not significantly reduce prices. Although traders are still trying to significantly reduce the price," the experts added.

As of the end of January, corn in the Danube ports is sold for USD160-165 per ton. In Odesa ports - USD150-155. Analysts predict an increase in prices for this crop in February.