Some wheat growers are still holding out for higher prices, hoping global events will push the market up. Recent weeks have seen price fluctuations on both European and US exchanges. Meanwhile, strong exports from the Black Sea region, especially Russia, are shaping the global supply.
Market uncertainty persists
The growers who have not yet sold their wheat continue to hope for rising prices. They suspect that the war in the Middle East could eventually affect global price formation.
US exports disappoint
Wheat prices fluctuated last week on the Paris futures market between €201.25 and €204.75 per tonne. On Tuesday, the day after Easter, the price was €202.50. On the CBoT grain exchange in Chicago, wheat was recently under pressure due to disappointing US export figures.
Russia Dominates Export Market
Despite fluctuations elsewhere, Black Sea region exports remain strong. In March, Russia exported 4.6 million tonnes of wheat, more than twice as much as in the same month last year. Egypt was the largest customer, importing over 1 million tonnes, followed by Turkey, Sudan, Israel, and Kenya. Since the start of this season, Russia has exported 42.4 million tonnes of grain.
