Substantially lower prices on the grain market

Grain market prices fell sharply again to €372.5 last week. The start of the new harvest in the US and Europe is progressing rapidly, keeping the market under pressure.

Wheat prices fell by 9% a fortnight ago, but this decline continued with a 6.5% drop in the Paris market last week. This impact is being felt around the world, as in Chicago the price has also fallen by around 10%. In short, the price has been considerably reduced in 2 weeks.

One reason for this reduction is that Russia has increased its production, estimated at around 89.2 million tonnes, which would be a record. However, Russia still uses the high indicative export prices for the calculation of export duties. However, the levies, which are now published in roubles, have been reduced to around €78 per tonne. This is around €62 per tonne less than last week.

We also see a market that is rather reassured that the situation has not worsened on the Ukrainian front. Analysts estimate that between 1.5 and 1.7 million tonnes of grain (all commodities) are now leaving Ukraine each month, still 5-6 times less than before.

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