2024-07-14 07:41:05
The rapid progress of the harvest in the USA and the good condition of the crops were the main factors for maintaining a pronounced downward trend in the market of the main grain commodities this week, the experts of the Sofia Commodity Exchange (SSC) report.
Under the pressure of the harvest, the price of July futures in Chicago fell to the lowest levels in late June. This was helped by the fact that the numbers released in the US Department of Agriculture report beat expectations for both wheat and corn. However, the worsening prospects for the new Russian harvest and the serious climate problems in France were a factor in the stabilization of quotations on the world stock markets, reports BTA.
This week, the FOB (Free On Board) price of bread wheat in Chicago remained frozen at $229 a tonne for August delivery, while France saw a €4 drop to €219 a tonne. In Ukraine, we are witnessing a further decrease in the price from 223 to 215 dollars per ton, and in Russia the change is even more sensitive down – by 11 dollars to 219 dollars per ton.
US corn was slightly up $2 at $186 a tonne. In France, the price rose by 8 euros to 213 euros per ton, and in Ukraine it fell by 3 dollars to 192 dollars per ton.
Barley in Ukraine fell by another $8 to $177 per ton for delivery in July-August, and rapeseed on the Euronext exchange for delivery in August, after its rapid rise, returned down by minus 24.25 euros up to EUR 476.50 per ton.
Crude sunflower oil contracts on the Rotterdam Stock Exchange have seen multiple swings since the start of the year. July delivery moved little this week, adding just $5 to $1,050 a tonne. Refined sugar this week, however, moved sharply lower by $30.90 for August delivery to $553.40 a tonne on the London Stock Exchange.
At the Sofia Commodity Exchange, trade in grain goods remains calm. Bread wheat was available in large quantities at BGN 388 per ton with delivery to the buyer (DAP delivery). After deals were concluded last week for fodder wheat, brought to the spot, at a price of BGN 400 per ton, now the demand continues at BGN 340 per ton. Corn for immediate delivery was offered in the range of BGN 360 to BGN 380 per ton, and oil sunflower – from BGN 810 to BGN 840 per ton.
Prices of basic food items remained stable at the same level as initial prices. Oil in bottles was sold at BGN 2.20 per liter, as well as unrefined oil at BGN 1,750 per ton. Yellow peas continue to be offered in big bags of one ton at a starting price of BGN 1,200 per ton.
In the subsection “Industrial goods” of the SSB, there were deals for firewood at BGN 230 per ton, coal at BGN 810 per ton and pellets at BGN 570 per ton. Propane gas was also sold in the range from BGN 920 to BGN 975/thousand liters.