The week for cereals begins in the red again. Tofio Caton, Director of Arable Crops at the Spanish Agricultural and Food Cooperatives, said that after high demand two weeks ago, all markets except oil were down last week, with Matif wheat under pressure from a sharp fall in CBT wheat.
In addition, high world supplies and competition from Black Sea exports put pressure on falling prices in Russia and rising export volumes from Ukraine. Russian export prices for both 11.5% and 12.5% protein wheat were below $240/t or €222/t FOB in February. The situation in the Red Sea may result in ships being diverted from Ukraine to new destinations such as North Africa. Algeria is one of the EU’s largest wheat export markets. Another reason for the fall in Matif wheat is the news of China’s possible purchase of Argentine wheat.
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