Demand for old-crop wheat is falling, price growth is slowing — brokers

Growth in old-crop wheat prices is running out and slowing down. This was reported by Spike Brokers analysts.

There is a gradual decrease in the demand for wheat of the old harvest. Prices for new crop wheat, voiced by buyers, are up to $10 lower than the old crop. European producers from Serbia and Eastern Europe began to actively offer wheat of the new harvest on the Italian market, which creates obstacles to further price growth in this direction.

According to brokers, the CIF market is awaiting new crop offers and has completely slowed down activity in old crop purchases.

The latest indications of buyers:

DAP Ukraine (Odesa) 11.5pro — $190-193/t;

DAP Ukraine (Odesa) fodder — $178-180/t;

DAP Ukraine (Danube) fodder — $188-194/t;

DAP Italy (Mon) 11pro 2024 — €225-230/t;

FOB Ukraine (Danube) 11.5pro — $205-207/t;

FOB Ukraine (Danube) fodder — $208-212/t;

CIF Italy (port) 11.5pro — $225-228/t;

CIF Egypt (port) 11.5pro — $227-230/t.