Wheat prices began to recover after the vessel was targeted in Odesa Ukraine.
Last week, the Ukrainian wheat market was surging, but Russian missile hitting a civilian vessel near Odesa led to chaos. Traders immediately lowered prices. The fall lasted two days, and by the end of the week wheat prices returned to their previous levels. And from the beginning of the current week, they began to grow. At the same time, there is very little supply on the market, as exports have moved from Odessa ports to Constanta.
As of November 15, 622,000 tons of wheat went for export out of the contracted 1.4 million tons.
Thus, the demand is good now. Vessels are going more and more often from Ukraine to Asia to fulfill previously concluded contracts. The world market has become more active, global prices are rising. Now we are witnessing another wave of demand from Asian countries for Ukrainian wheat with delivery in December-January.
Wheat prices for milling in Ukraine on the basis of CPT Odesa are €155-160 per ton. This week we can expect an increase to €165 per ton. Feed wheat, which is trading at €125-130, may reach €140 per ton. In the Danube ports, prices are approximately at the same level.
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