Wheat prices have begun to recover after the situation with the ship in Odesa region which was hit. This point of view was reported by analysts of the agricultural cooperative PUSK, established within the UAC.
"Last week, the Ukrainian wheat market was growing, but the hit of the ship near Odesa region caused chaos, traders immediately reduced prices. The decline lasted for two days, and by the end of the week wheat prices returned to previous levels, and since the beginning of this week they have started to grow. At the same time, there is very little supply on CPT markets, as exports moved from Odesa ports to Constanta," analysts said.
As of November 13, the country exported 622,000 tons of wheat out of the contracted 1.4 mln tons.
"Grain is in demand. Wheat is increasingly being shipped to Asia to fulfill previously concluded contracts. The world market has become more active, global prices are rising, and we are now seeing another wave of demand from Asian countries for Ukrainian wheat for delivery in December-January," is mentioned by PUSK cooperative.
Wheat prices on the basis of CPT Odesa are USD 170-175 per ton for the 3rd class, this week we can expect an increase to USD 180 per ton. Feed wheat, which is trading at USD 130-135, may reach USD 142 per ton. In the Danube ports, prices are at about the same level.
The high demand for feed wheat comes from Italy, with prices on DAP Italy for delivery in December at USD 200 per ton.Wednesday, 15 November 2023