last release: 7 March 2024
International Prices
Wheat
With pressure from sizable global supplies and stiff export competition amplified by renewed strength of the US dollar, the GOI wheat sub-Index averaged 6 percent lower month-on-month during February, quoted at levels last seen in October 2020. Declines in prices were largely driven by the Russian Federation, where exporters looked to stimulate demand amid ample availabilities and improved port logistics. Offers in Ukraine softened, with talk about slowing demand from Asia amid Red Sea shipping concerns overriding support from reluctant farmer selling. Sustained export worries pressured US quotations, but with downside capped by reports of variable cropping weather across the main winter wheat regions. Despite a brisk pace of port loadings and worries about local crop prospects, values in the EU (France) dropped sharply, trailing declines at Black Sea origins.