French durum wheat price rise gives Greek market a clearer direction

Greek trade waits for confirmed sales

Firming French durum wheat prices are giving the Greek market a clearer external reference, although domestic trading remains uncertain. Agronews reports indicative Greek export prices of about €225-230 per tonne FOB at local ports for lower-quality durum wheat. No completed sales have yet been reported, leaving traders and producers without a confirmed transaction level.

The publication expects export business to begin once the producer price finds a stable level. Current indications suggest that lower-quality wheat may settle near €0.19 per kilogram, while better grades should command a premium. The gap between farm-level indications and FOB export quotes will be central to the margins available to collectors, processors and exporters, particularly when quality differences and port delivery costs are taken into account.

French prices rise as Italian quotations hold

In France, durum wheat delivered to port increased by €8 per tonne to €258 per tonne, according to Agronews. The quotation applies to good industrial-quality wheat and therefore is not directly comparable with Greece’s lower-quality export indication. Even so, the French increase offers support to a Mediterranean market that has lacked a clear direction and gives Greek sellers another benchmark for pricing higher-grade grain.

Italian durum quotations were unchanged in the latest CUN Grano Duro price list. In southern Italy, quality wheat with a test weight of 80 kg/hl, 80% vitreous kernels and 14% protein was quoted at €290-295 per tonne at a commercial warehouse. Second-quality wheat, also with a test weight of 80 kg/hl and 80% vitreous kernels but with 12% protein, stood at €265 per tonne. Third-quality wheat with a test weight of 78 kg/hl, 60% vitreous kernels and 11% protein ranged from €264 to €269 per tonne.

Acreage cuts already priced into the market

Statistics Canada and the USDA recently announced reductions in durum wheat area of 10.3% and 16.2%, respectively. Agronews said the figures produced no market reaction because the reductions had been expected and were apparently already reflected in prices. For market participants, this means the acreage data alone have not been sufficient to alter nearby purchasing or selling decisions.

Broader grain markets nevertheless found some upward momentum in Chicago. Weather concerns in major producing countries, combined with news of an agreement for China to buy US-crop grains, mainly soybeans, prompted a price recovery. Although the reported purchases focused on soybeans rather than durum, the move helped grains rebound from recent very low price levels. For Greece, the immediate test remains whether firmer French prices and a wider grain recovery translate into actual export sales at €225-230 per tonne FOB and whether producers accept levels near €0.19 per kilogram for lower-quality wheat.