Export rates from Ukraine are rather high and wheat stocks are sufficient.
In January 2024, traders contracted 1.5 million tons of wheat. In February, there are also quite active sales – already 1.3-1.4 million tons of contracted wheat. There are also small sales for March.
In the market of importers, the prices are practically unchanged. The only buyer trying to buy relatively cheaper is Türkiye. Spain and Italy reduced the price by only $2. There is no huge drop in export markets. Nevertheless, traders are trying to push narratives about a market collapse due to problems in the Red Sea and increasing freight rates. They are especially trying to buy feed wheat cheaper. But there is no clear factor that would drag prices down.
In the Danube ports, wheat costs 166-171 EUR/T. In Odessa ports — 170-175 EUR/T. And on the border with Romania — 203-208 EUR/T. Most experts are forecasting a gradual price increase in February.
The corn market has an identical situation. 3.2 million tons were contracted for January. 2.8 million tons were already sold for February. 1 million tons were contracted for March.
There was almost no drop in prices among importers. Egypt used to buy corn at $215-220 per ton and continues to do so. In Europe, prices are also stable. However here, too, traders are trying to reduce local purchasing significantly.
At the end of January, corn in the Danube ports is sold for 148-153 EUR/T. In Odesa — 139-144 EUR/T. Analysts predict an increase in prices for corn in February as well.
Import/Export Statistics
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