With a cut in exports to Europe, the price of wheat increases + 3.3%

With a cut in exports to Europe, the price of wheat increases + 3.3%
With a cut in exports to Europe, the price of wheat increases + 3.3%
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Alexandria. Putin’s threat to cut Ukrainian and Russian grain exports to Europe has caused wheat prices to jump 3.3% to highs in nearly two months amid international concerns about Black Sea shipments fueling speculation .

This is what emerges from Coldiretti’s analysis in underlining that prices closed at 8.44 dollars per bushel (27.2 kilos) at the Chicago Board of Trade, and then rebounded on the Asian market.

Uncertainty fuels speculation with sharp fluctuations in prices which favor inflation in rich countries and hunger in poor ones. The proof is that, despite the collapse of crops up to -30% limited the availability of product in Italy, wheat is currently underpaid to farmers, forced to produce at a loss due to record increases ranging from + 170%. of fertilizers to + 129% for diesel.

The market is shaken by the possibility that the corridors for trade in cereals can be closed thanks to the agreement reached between the United Nations, Turkey, Ukraine and Russia to ensure commercial traffic in the Black Sea ports.

“Putin’s threat to stop shipments to Europe would cause Italy to lack nearly 1.2 million kilograms of wheat for bread-making and corn for feeding animals imported annually from Russia and Ukraine, aggravating a situation that sees our country dependent on foreign imports for 64% of the common wheat used for bread, biscuits, sweets and 47% of the corn for feeding the stables, at a time when national crops have been cut down by drought ”, Affirmed the President Coldiretti Alessandria Mauro Bianco.

As for gas, also and above all in food, it is a priority to reduce dependence on foreign countries by intervening immediately on energy costs to save companies and stables.

One of the symbolic products of the Alessandria area is precisely the soft wheat object of the Gran Piemonte supply chain agreement aimed at enhancing yellow gold and obtaining baked goods prepared with real Made in Piedmont flour to also meet the needs of consumers who are increasingly pay attention to the origin of the ingredients.

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“A situation that fuels interest in the agricultural commodity market with speculation that moves from financial markets to precious metals such as gold to agricultural products where prices depend less and less on the real trend of supply and demand and increasingly by financial movements and market strategies that find in “futures” derivative contracts an instrument in which anyone can invest by purchasing and selling the product only virtually, to the detriment of farmers and consumers “, added Roberto Coldiretti Alessandria Director White.

Italy, in particular, is forced to import agricultural raw materials due to the low remuneration paid to farmers with the loss of almost one out of ten wheat fields in the last decade.

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The article is in Italian

Tags: cut exports Europe price wheat increases

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