Prices for wheat from Ukraine for the period from August 26 to September 8 slightly increased against the backdrop of a gradual resumption of its exports by sea, corn quotes on the Ukrainian market are stable, according to the Telegram channel of the consulting company Barva Invest.
As, on September 8, quotations of wheat from Ukraine on the terms of delivery of CPT are estimated at 4.9-6.4 thousand UAH / ton, while on August 26 – 4.5-6.4 thousand UAH / ton, on August 11 – 4 3-6 thousand UAH/ton, and on August 4 – 3-5.5 thousand UAH/ton. The spot price of corn at the Chop checkpoint near Hungary for the period August 26-September 8 remained at $240/ton.
According to Barva Invest, the December futures of wheat from the Black Sea region Black Sea (BWFU2) as of September 8 decreased by 5.9% compared to August 26 – to $317.25/ton, however, on the European exchange Euronext (EBMU2) increased by 0.5%, up to EUR328.75/ton, and on the Chicago Stock Exchange (ZWU2) – by 9.8%, up to $8.44/bu.
Thus, wheat quotes for the reporting period were influenced in different directions by the rise in prices for other grain crops and the expectation of increased demand from importers against the backdrop of statements by Russian President Vladimir Putin criticizing the Istanbul grain agreements that allegedly the “grain corridor” from Ukraine is used to supply food to EU countries, not to poor third world countries.
“Wheat quotations reacted with active growth to another portion of demagoguery from Russia regarding the export of Ukrainian grain from Ukrainian ports within the grain corridor … (Putin – IF) said that he would consult with his henchmen and Turkey regarding the need to limit Ukraine’s export destinations,” the consulting company emphasized. company in the message.
The investment company clarified that by September 8, the December futures for corn from the Black Sea region (BWFU2) slightly decreased by 0.8% compared to August 26, to $310.75/ton, while on the Chicago Stock Exchange (ZCU2) it increased by 3 .2% to $6.71/bu.
Quotes of corn on the world market also changed in different directions, prices were influenced by the market’s expectation of a possible decrease in estimates of the American crop in the September report of the US Department of Agriculture, fears about the prospects for corn yields in the US and the EU due to record drought, concerns about the prospects for a global recession, as well as subsidence oil prices.
The key transactions with soft commodities were the purchase by Japan of 95 thousand tons of wheat (from the USA and Canada), Iraq – 100 thousand tons of wheat (from the USA), Jordan – 120 thousand tons of wheat, South Korea – 60 thousand tons of wheat and 206 thousand tons of corn. In addition, the Philippines announced a tender for the purchase of 100,000 tons of feed wheat, Japan for 70,000 tons of feed wheat, and South Korea for 55,000 tons of wheat.
As reported, in response to Putin’s criticism of the Istanbul grain agreements, Ukrainian President Volodymyr Zelensky said on September 8 that Ukrainian grain is being shipped to Asia, Africa and Europe. Prior to this, the President of the Russian Federation was outraged by the allegedly larger share of agricultural products that goes along the grain corridor from Ukraine to the EU, and not to poor third world countries.
According to Zelensky, 54 ships with agricultural products have already been sent to Asia, 16 to Africa, 32 to Europe. At the same time, part of the European supplies are subsequently redirected to Asian and African countries, the President specified.
On July 22, in Istanbul, with the participation of the UN, Ukraine, Turkey and Russia, two documents were signed on the creation of a corridor for the export of grain from three Ukrainian ports: Chornomorsk, Odessa, and Pivdenny.
As of September 6, the total tonnage of grain and other food products exported from three Ukrainian ports is, according to the UN, 2.213 million tons. In total, the movement of 204 vessels has been allowed at the moment – 108 arriving in Ukrainian ports and 96 leaving them.
