COVID-19 pushed prices of Ukrainian wheat back to October level

Source

APK-Inform

6702

Since the beginning of fast spread of COVID-19 (early February), prices of Ukrainian grain on export market (FOB basis) are declining, and wheat faced the most significant decrease.   “Stocks market meltdown and crude oil decline due to COVID-19 pandemic were the main drivers of price decrease. Moreover, strong competition from Russian and EU wheat due to some lowering of trade pace on physical market and speculative selling on stock exchanges additionally weighed on prices of Ukrainian wheat. In addition, currency market development, erosion of purchasing power of several countries as well as quarantine regime in separate countries and postpone of logistic flows put extra pressure on prices. Separately, progress of spring planting campaign in Ukraine and good condition of winter wheat in Black Sea region added to downward price trend”, - explained the expert of APK-Inform Anna Tanskaya.

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