Ukraine's Duty-Free Wheat Exports to EU Exhausted
Ukraine's quota for duty-free wheat exports to the EU has been exhausted. This means that further exports of this product will require payment of duties, reducing the competitiveness of Ukrainian grain on the European market.
The Grain Exchange reported a significant decrease in the activity of European buyers after the quota was exhausted, with them practically stopping purchases of Ukrainian wheat at the western border.
The main directions for grain export have shifted to Danube ports in Ukraine and the Romanian port of Constanta. Export restrictions amid a large supply of wheat are increasing pressure on the domestic market, leading to declining prices for Ukrainian wheat over the past week.
Prices for grade 2 food wheat increased to $244 per ton DAP in Constanta, while grade 3 rose to $241 per ton DAP.