Wheat

Wheat becomes cheaper on news about possible opening of ports of Ukraine


Wheat quotes on world stock exchanges have fallen by 1-2% since Tuesday amid talks on unlocking Ukraine's ports.

As noted last week following India's export ban, wheat prices hit record levels.

At the same time, there were rumors about Russia's readiness to open humanitarian passages in the Black Sea to allow ships from Ukraine's ports to pass, but she is demanding that Western countries relax sanctions. The conditions that make this possible have not yet been published. The Ministry of Defense of the aggressor reported about daily opening from 08:00 to 19:00 two corridors for an exit of foreign ships from ports of the Black and Lake Azov: Kherson, Nikolaev, Chernomorsk, Ochakov, Odessa, Southern, Mariupol. However, there is a problem of sea mining and lack of safety guarantees.

The September futures up Wheat on the Paris Euronext for two sessions fell by 5,3%, or 21,5 €/Tonne to 404,5 €/ton, or 432,1 $/ton in the news about the possible unblocking of Ukraine's ports.

AgriCensus reports that the tender for the procurement of 400-500 thousand Tonnen Wheat, announced Pakistan Trading Corporation TCP, submitted seven submissions for the price of $515,49-$537/ton C&F delivery in June and July. This suggests that traders see no prospect of a fall in global wheat prices so far, experts say.

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