The markets reacted to a possible complication of Black Sea wheat exports due to tensions between Russia and the West by rising quotations.
However, the prices of Ukrainian and Russian wheat against the background of the risks of further military escalation of the conflict due to Russia's recognition of the independence of the LPR and DPR the day before are falling.
In particular, according to the Grain Exchange of Ukraine, March futures for Black Sea wheat on the stock exchange in Chicago fell by $1.25 - to $308.75 per ton, having lost 3% over the week due to possible restrictions on exports from Ukraine and Russia.
Recall that the export prices of wheat in the Russian Federation have been falling for six weeks in a row.
Experts note that the cost of freight in the region has increased due to the increase in insurance premiums, while a decrease in supplies has not yet been observed.
In turn, the purchase prices of Ukrainian wheat remain in the ports at the level of 288-290 USD/ton. It is predicted that in the near future the price tag will be under pressure from falling demand for Black Sea wheat.
Wheat prices in Europe are supported by increased tension between Ukraine and Russia.
March futures for European wheat on the Parisian Euronext for the week rose by 2%, or 2.25 euros - to 274 euros/ton, or 309.8 dollars/ton.
Wheat in the US has risen in price by 2-2.4% following the neighboring markets of soybeans and corn and on expectations of increased exports.
March futures rose:
- soft winter SRW wheat in Chicago at $5.88 - up to $298.7/ton,
- hard winter HRW wheat in Kansas City - by $7.35, up to $314.2/ton,
- hard spring HRS wheat in Minneapolis - by $4.41, up to $357.1/ton.