In durum wheat , for another week we had losses in the new price list of Foggia, from 10 to 15 euros per ton depending on the quality. Specifically, for quality wheat with a specific weight of 78 kg/hl, vitreous 70% and protein 12%, the merchant warehouse price is negotiated at 357-362 euros per ton. Also for the second quality with a specific weight of 76 kg/hl, vitreous 50% and protein 11%, the merchant warehouse price ranges from 340-345 euros per ton. Globally, crude oil prices have depreciated. From the highs of August 2023, prices in Canada have lost $135 per tonne and in France €90 per tonne. Analysts are waiting to see if the possible sale of new quantities from Turkey can put a lower limit on the decline.
On the Chicago Stock Exchange, soft wheats are trending low, having of course first hit extremely low prices. At the same time, speculators are heavily positioned to the downside in most grains. There was an attempt at a technical reaction at the start of the week with new positions to the upside, however the market was not convinced as there are large stocks of soft wheat in the US. Meanwhile, Russia and Ukraine continue to sell at low prices making it difficult to export French grain. May prices on the French stock exchange remain at 198 euros per ton.