Ukrainian wheat prices stepped back after improved production forecast for Australia

The food wheat market demonstrated a moderate decline in prices due to an increase in the wheat production forecast for Australia, and as a result of the decline in prices for French wheat, G.R. Agro analysts inform.

Tight sales maintained their support for prices.

Analysts mark that the prices at processing enterprises have changed insignificantly. As a rule, buyers have raised the minimum purchase prices by an average of 250 UAH/t since Friday to procure the required volumes of grain. Taking into account the cost of delivery to the enterprises, the price range for the 2nd class wheat was UAH 7.5-8.15 thou./t, the 3rd class UAH 7.45-8.1 thou./t.

Prices will be under pressure from estimates of grain production in major regions, G.R. Agro experts forecast.

Slight downward price adjustments were common for the export market of feed wheat. The processing sector adjusted prices within the previously formed range of UAH 7.15-7.85 thou./t CPT.

Analysts project that the world demand for wheat will maintain pressure on prices.

As of 2 September, the new crop campaign was 64% completed in Ukraine. The average yield of grain and leguminous crops made up 4.39 t/ha.