Black Sea Wheat Exports Defy Current Market Conditions

The first three weeks of the new wheat export season from Black Sea ports have seen volumes exceed those recorded in July last year. However, this is largely due to weather-related factors from the previous season rather than current market conditions.

According to UkrAgroConsult, harvesting started later than usual and new-crop supplies reached the market with a delay. This resulted in a seasonal increase in shipments being postponed.

Despite logistical constraints, buyers have been reluctant to switch to European wheat. Importers in Turkey, Egypt, and North Africa are relying on stocks from their own new harvest while waiting to see how the situation develops.

The decline in shipments through Ukrainian and Russian ports is expected to become more apparent in August, as importers adjust to the changing market conditions.