Black Sea Negotiations Stall: Wheat Prices Remain High
The wheat market continues to feel the effects of stalled peace initiatives in the Black Sea region. According to experts at the Sofia Commodity Exchange, grain prices remain high due to the halted negotiations.
This week's stable food prices were accompanied by a range of offers on staple foods such as canned green peas, sweet corn, and peeled diced tomatoes. Prices for these items vary from 1.19 to 2.63 euros per kilogram, with active supply in nuts and seeds also being reported.
The market for fuels and industrial raw materials is showing dynamic levels, with coniferous timber selling at 61.30 euros per cubic meter. B6 diesel fuel is trading between 1,500 - 1,706.64 euros per thousand liters, while A95H gasoline is quoted at 1,300 to 1,340 euros per thousand liters.
The high grain prices are attributed by exchange experts to the failed peace initiatives for shipping in the Black Sea and the unsuccessful UN proposals for renewing the Black Sea Grain Initiative. Internationally, milling wheat is trading between $270 - 275 dollars per tonne on the Chicago market and $285 - 290 dollars per tonne on the Euronext.