April 21, 2024

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Grain prices fall due to Ukraine's export |  Abroad

Grain prices fall due to Ukraine’s export | Abroad

The price of wheat and other crops is falling after paying record prices after the Russian invasion of Ukraine, one of the world’s largest grain producers. Since the beginning of this month, more than half a million tons of grain products have been exported from Ukraine, which means that prices are now also falling.

Chicago Wheat Futures Market dropped 2.5 percent on Wednesday. Grain has also become cheaper in Europe’s futures market: up to 323.25 euros per tonne for delivery in September, compared to 340.50 euros last Wednesday.

In addition, the price of soybeans and rapeseed has fallen in recent days. A lot of soybeans were produced, especially in the United States and China. The price of rapeseed delivered in November fell to 619.50 euros per tonne on Wednesday from 659 euros a week ago.

However, experts warn that the situation certainly has not yet normalized. For example, the export of wheat from Ukraine is only a third of normal years. Russian exports are also lower than usual, although the harvest there was very good. “The returns are exceptional, but the question is whether the country has the logistical capacity to export,” says one Agritel consultant. In addition, drought in Europe also affects crops.

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