According to APK-Inform, the indicative export prices of new-crop wheat decreased in Ukraine last week.
The downward trend was based on the same development on the FOB market of old-crop wheat. The absence of new deals, growing freight rates, lower demand from importers and hopes for end of the war before the new season begins pressured the prices. Good condition of winter wheat, progress of spring planting and forecast of favorable weather as well as high stocks of wheat amid tiny export in March weighted on the prices too. The Ministry of Agrarian Policy informed that Ukraine had exported 309 thsd tonnes of wheat in March compared to 1.04 mln tonnes in February.
Last week, the indicative offer prices of 12.5% new-crop wheat decreased to 320-340 USD/t FOB. The offer prices of Russian wheat were somewhat lower, as the Ukrainian market was supported by the expected sharp decline of grain production in Ukraine in 2022/23 MY and risks of further crop reduction. Hopes for both export resuming and stronger demand from importers supported the prices as well.
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