Wheat prices continued to fall on global exchanges and are heading towards a ninth consecutive week of decline, according to the weekly analysis by the Sofia Commodity Exchange. On the Chicago Board of Trade, December contracts fell to around $220 per tonne – their lowest level since early July and nearly 25 percent below the September peaks.
Pressure on prices intensified after Russia allowed grain ships to leave ports in the Sea of Azov for the first time since July. This strengthened expectations of a partial resumption of exports through the Black Sea and increased concerns about greater supply on the international market.
European wheat prices also decline
On the Euronext exchange, the wheat quotation fell to €227 per tonne, or around $253. At the same time, Chicago corn was heading towards a fifth consecutive week of decline under pressure from the harvest in the United States. December contracts reached around $178 per tonne.
On Euronext, the November corn contract held at around €288 per tonne, while more distant contracts declined. Excessive moisture in some areas of the US Corn Belt provided only temporary support to the market.
Limited activity on the Sofia Commodity Exchange
On the Sofia Commodity Exchange, following the deals in bread wheat at €198 per tonne concluded at the beginning of the month, a “buy” quotation for feed wheat at €192 per tonne remains.
“This is a price quoted by a buyer, not the price of a newly concluded deal”.This is how the Sofia Commodity Exchange describes the difference between an active bid and an actually concluded deal. The data show limited trading activity in grain on the domestic market, while international quotations remain under pressure from expectations of supplies and exports.
On the energy markets during the same period, LPG on the Sofia Commodity Exchange traded at €475 per 1,000 litres, while deals for gas oil for industrial and municipal purposes ranged from €1,638.04 to €1,704.83 per 1,000 litres.
Sources: investor.bg, agrotv.bg, debati.bg