News

High Exports of Russian Wheat Put Pressure on European Prices

1 Mins read

By Yusuf Khan

In its monthly report, Strategie Grains warns that the high exports of Russian wheat will continue to impact prices in Europe. Despite strong harvests in the Black Sea region, European wheat production is expected to remain flat at 125.6 million metric tons for the 2023-24 season. However, with the significant volume of wheat exports coming from Russia, European exporters will face intense competition on the international market.

According to Strategie Grains, French wheat prices are predicted to decline moderately as the harvest campaign progresses. While there have been strong export sales to China, Russian grains pose a much fiercer competition on other destinations. This is particularly true for other European exporters such as Germany, Poland, and the Baltic states, which will face additional pressure due to the growing momentum of Ukrainian exports from Odessa.

The impact of the strong Russian harvest is evident in Paris, where wheat prices have fallen by 25% this year. On Wednesday, prices reached a low of EUR230.75 per ton and slightly recovered to EUR231.50 on Thursday, marking a seven-week low.

Unfortunately, Europe is also experiencing poor harvests for barley and corn due to unfavorable weather conditions during the past summer. Corn production is forecasted to reach 60.6 million tons for the upcoming season, showing an improvement from the weak harvest of 2022-23. However, barley production is expected to decrease to 47.2 million tons, both falling below their respective five-year averages.

Related posts
News

Cement titans record N1.53trn revenue boost amid FX stability,

2 Mins read
Nigeria’s cement industry has kicked off 2025 on a high note, recording a combined revenue surge of N1.53 trillion in the first…
News

Above Food Ingredients Inc. Files Financial Results for the Six-Month Period Ended July 31, 2024

6 Mins read
Regina, Saskatchewan–(Newsfile Corp. – April 28, 2025) – Above Food Ingredients Inc. (NASDAQ: ABVE) (“Above Food” and the “Company”) today released its…
News

Russian Governor: Gas Solution May Solve Bitcoin Mining Woes

2 Mins read
A Russian provincial governor has claimed that associated gas produced at oil drilling sites could provide a solution to ongoing Bitcoin mining-related…

Leave a Reply

Your email address will not be published. Required fields are marked *