On the commodity market, the prices maintained a high price level and tended to grow with wheat being the most bullish trend at 6,08%. Wheat recorded new price highs, while corn repeated the same price from March, the period just before the decision to ban export was made. The most important news from Produktna berza is the contract realization for the wheat crop 2022. The total turnover was 4.865 tons, while financial value amounted to 1.958.840,00 €.

At the beginning of the week, there was passivity on the wheat market. Supplies at the price level from 314,42 to 322,92 €/t did not result in the contract conclusion. However, the very end of the week brought more intensive demand, which resulted in a price rise. Contracts for the wheat crop 2021 were concluded from 324,62 to 327,17 €/t, for prompt delivery. Domestic processors were the main buyers. The weighted price for this week was 325,21 €/t, which is an increase of 6,08%. The harvest of the new crop is expected at the end of June, and the interest in buying this grain is increasing. The forward contract for wheat crop 2022, at parity FCA and delivery in July was realized at the price level of 318,67 €/t.

The corn market has been turbulent over the past week. As with wheat, the first working day brought passivity and in the middle of the week, increased demand led to an increase in prices. Contracts were concluded in the price range from 285,53 to 288,93 €/t, with the delivery of commodities during May. Corn with increased moisture was traded from 277,03 to 280,43€/t. The weighted price was 288,16 €/t, which is a change of +1,62%. Regardless of the fact that corn is statistically recording an increase in the price, the interest of exporters in buying this grain is almost non-existent and the supply is still higher than the demand. The Government’s decision to regulate exports with monthly quotas of 150.000 tons for corn instead of a temporary ban did not significantly affect the market. Of course, that is a small step forward, but it is not enough for the market to be as active as before the adoption of the ban measures in March.

The growing trend of soybean prices continued this week as well. Contracts at FCA parity were concluded at a price of 713,82 €/t. Compared to the data from the previous week, a slight increase of 0,29% was recorded. The very end of the week brings a complete absence of demand and the offered quantities at the realized price level did not result in the conclusion of a new contract.

Feed flour, 30/1, was traded at a price of 220,94 €/t.

Russian urea, 500/1, was traded at a price of 830,00 €/t.

Verica Popov, broker

The most important news from the Commodity Exchange last week is the introduction of quotas for the export of wheat, corn, flour and refined sunflower oil, which will be applied from the beginning of May and will be valid on a monthly basis. The shortened workweek between the two Easter holidays brought an increase in the prices of primary agricultural products. The total turnover for this week is 6,280 tons, whose financial value is 2,079,050.00 €.

The price of corn ranged from 274,50 to 276,20 €/t, for goods with moisture up to 16%, while standard quality corn was traded in the price range from 280,45 to 286,40 €/t, depending on parity and pick-up speed. One can certainly speak of a clear upward price trend for this cereal. The weighted price was 283,60 €/t, which is a 1.11% increase compared to the previous week.

In wheat, the growth in demand was even more pronounced. At the beginning of the week, the concluded price ranged from 301,70 €/t, to 322,94 €/t at the very end of the week. The weighted price for this week is 306,63 €/t, which is an increase of 0.40% compared to the previous comparative data.

Soybeans were traded at a price of 711,75 €/t, which is this week’s weighted price. Compared to the previous comparative data, this oilseed has risen in price by 0.81%. At the end of the week, the demand at the price of 713,87 €/t did not lead to the conclusion of a contract due to the restraint of the sellers.

Of the other goods, the mineral fertilizer NPK 15:15:15 was sold at the price of 822,49 €/t.

Field data show that soybeans and sunflowers will be more represented in the structure of spring sowing this year, while sowing of corn is expected in smaller areas.

Verica Popov, broker

During this week, an upward trend in all primary agricultural products was recorded. The price of soybeans has reached a new price maximum in the current economic year, and the first futures contract for this oilseed has been concluded. The total turnover through the Commodity Exchange amounted to 3,885 tons (+135.46%), whose financial value amounted to 163,336,910.00 dinars (+115.22%).

The beginning of spring sowing in Serbia is in progress. Considering that the previous cold days of April did not go to the advantage of agricultural producers, which prevented the timely sowing, we can say that the spring sowing in 2022 began at the optimal time. What additionally worries agricultural producers is the surface moisture of the land, which is significantly lower than a year earlier. Sowing of primary agricultural products per hectare will be more expensive this spring, especially for corn, due to the high prices of raw materials. On the other hand, sowing is marked by the high price of cereals and oilseeds on the domestic market.

Soybeans recorded a positive price trend compared to the previous week. Stock exchange contracts were concluded in the price range from 705.32 to 709.57 €/t. Due to the restraint of sellers, a weak offer was recorded. Unlike the previous period, where the structure of buyers consisted of domestic processors and traders, this week, exporters also showed interest in buying this oilseed. The weighted price is 706.00 €/t, which is a new price maximum in the current economic year. Compared to the previous comparative data, soybeans increased in price by 0.91%. This price level was also recorded in the previous year in April when this oil plant had a strong increase in prices, which was monitored even on a daily basis. Statistically, from the beginning to the middle of April last year, it recorded a price increase of 17.06%, while for the same period this year the growth is 1.83%. Regardless of the fact that soybeans recorded price oscillations in the previous period, it remains to be seen whether the price trend of the crop 2021 will reach the historical maximum of the crop 2020 price of 726.56 €/t, which is registered on the commodity market.

The first term offer of soybeans in 2022 in the amount of 150 tons, with the delivery of goods from September 15 to October 5, was realized at a price level of 640.00 €/t. Given that the price is above expectations, it is now up to the farmers to decide whether to sell part of the future crop.

The corn market is without significant changes compared to the previous period. Demand for this cereal is still low. The reason for this circumstance is the temporary export ban, which has been in force since March 10. Domestic processors and traders are on the side of buyers, while exporters are not interested in new sales contracts. Corn for prompt delivery was traded at a single price of 280.43 €/t, which is also this week’s weighted price and a slight increase of 0.79%. Contracts for this grain with a high percentage of moisture were realized in the price range from 270.23 to 271.93 €/t.

In the case of wheat, passivity on the part of buyers was noticed until Wednesday. There was a noticeable increase in supply compared to demand. In the middle of the week, the market was more active, and contracts, depending on the quality parameters, were concluded at a price level of 301.67 to 305.92 €/t. The weighted price for this week is 305.33 €/t. Compared to the data from the previous week, this cereal rose by 2.41%. Although statistically the highest price increase was recorded for this cereal, we can state that there is still no greater interest in buying due to the ban on the export of wheat and flour.

Sunflower meal with 33% protein, was sold for 369.65 €/t, which indicates a price drop. The contract for fodder flour, packing 30/1, was realized for 186.95 €/t.

Depending on the weather, the harvest of a new crop of oilseed rape is expected to begin in two months.

The forward demand for this oilseed ranged from 800.00 to 810.00 €/t. However, the offer is still missing.

Verica Popov, broker

Less activity of commodity exchange participants had impacted a lower turnover on Produktna berza. The prices of agricultural products did not change a lot compared to the previous week. Total turnover was 1.650 tons, while financial value was 644.472,30 €.

During this week on the corn market, there was no major price oscillation. This cereal’s low supply is still present on the market. The beginning of the week brought lower demand, while the buyer’s interest increased since the middle of the week. Corn for prompt delivery was traded from 275,98 to 278,53 €/t. The weighted price was 32,74 €/t, which is a minimal increase of 0,12%, compared to the previous week. There was more interest for corn with augmented moisture, which realization was from 267,49 to 270,89 €/t.

Unlike the previous week, when wheat was the most traded commodity, this week the market calmed down and the price lowered. Contracts were concluded from 294,67 to 301,46 €/t. During the week, the supply surged to a higher price level up to 305,71 €/t, but there were no buyers at that price level. The weighted price was 297,98 €/t, which is a price decrease of 0,47%.

The soybean market was passive compared to the previous period. During the week, buyers and sellers were at different price levels, which led to the conclusion of only two contracts at prices of 696,33 and 700,58 €/t. The weighted price was 699,13 €/t, which is a price fall of 0,29%. At the very end of the week, higher price levels of demand did not result in a contract conclusion.

Contracts for feed barley were concluded at 305,71 €/t.

Compared to the previous week, a sunflower meal marked a price fall and was traded from 373,64 to 378,74 €/t.

Russian UREA, package 500/1 was traded at 900,00 €/t.

Dragana Rajak, broker

During this week, an increase in prices of all primary agricultural products was noticed. Total turnover on Produktna berza was 4.875 tons (+57,26%), while financial value was 1.781.942,70 € (+60,71%).

On the wheat market, during the past week, the augmented activity of commodity exchange participants was spotted. This cereal was the most traded commodity with a total quantity of 4.050 tons. Depending on the quality, the contracts were concluded from 297,24 to 305,73 €/t. The weighted price was 299,36 €/t. Regarding the previous week, there was an increase of 2,18%. The buyers were domestic processors, while exporters were not interested in buying.

Until Wednesday, corn had a bullish trend. Contracts were concluded at a price range from 271,76 to 278,55 €/t. The weighted price was 277,71 €/t. In comparison with previous data, this cereal’s price increased by 2,92%. Corn with higher moisture was traded at 267,51 €/t. Despite the statistically upward trend, the supply of larger quantities is still lacking. At the end of the week, there was a reduced activity of commodity exchange participants for the purchase of this grain. The export ban significantly affected the decline in turnover and the absence of export demand. Further developments on the domestic market will depend exclusively on subsequent Government decisions.

Intense demand and lack of supply of soybean impacted positive price movements. At the beginning of the week, contract realization was from 696,39 to 704,88 €/t. On Thursday, the market calmed down, and supply increased compared to demand. Supplies at a lower price level than the realized ones did not result in the conclusion of a new contract, which implies a downward correction of the price. If we look back at March in the previous two years, we can see a constant increase in the price of this oilseed. The weighted price for this week is 701,23 €/t, which is an increase of 3,09% compared to the previous comparative data. Apart from the domestic one, this price trend is completely correlated with the events on the foreign market.

Verica Popov, broker

This week, on the cereal market, was noticed a decreased activity of commodity-exchange participants. On the other side, on the oilseed market, soybean marked a new price maximum. Total turnover was 3.100 tons, while financial value was 1.108.774,00 €.

Soybean marked a bullish trend due to low supply and strong demand. Contracts were concluded from 679,40 to 687,89 €/t. The traded commodity was only with quality calculation and for prompt delivery. The weighted price was 680,25 €/t. Compared with the previous week; this oilseed rose in price by 1,16%. The same price level was recorded in the first half of October last year, when the highest price of this year’s crop was reached (679,40 €/t). Among the domestic market, an upward trend was noticed on a foreign market.

During the last week, the wheat market recorded passivity. The complete absence of export demand for this cereal has led to a price fall. This was evidenced by the fact that only one sales contract was concluded at a price of 292,99 €/t. If we compare the last realization with the previous week, there is a noticeable drop in the price of about 2,80%. At the end of the week, the supply was from 292,99 to 301,48 €/t, depending on quality parameters and the clause “free stock”. Further developments on the domestic market, i.e., price movements, will exclusively depend on the decisions regarding the export ban on this primary agricultural product.

At the beginning of the week, corn recorded a price rise, but at the end of the week, there were a price calm and no demand. Contracts were concluded from 263,27 to 271,76 €/t. The weighted price was 269,81 €/t, which is a price increase of 2,50% compared to previous data. In the buyer’s structure were domestic processors and traders. At the end of the week, the supply was from 268,36 to 271,76 €/t. Demand absence for this cereal did not result in a contract conclusion.

Feed barley was concluded at a price of 305,73 €/t. The corn export ban impacted the augmented demand for barley from the region, which also was manifested in our market.

Russian urea, package 25/1, was traded in the price range from 917,00 to 922,00 €/t.

Verica Popov, broker

During the last week at Produktna berza, decreased activity was noticed. The biggest price fall was noted at corn, while soybean had an upward trend. Total turnover was 1.775 tons, while financial value was 796.777,35 €.

After the Decree of the temporary export ban which was published last week, on the corn market, no were important changes. One contract was concluded at a price level of 263,44 €/t, which represents the weighted price for this week. Only 50 tons were traded. It is important to highlight that intensive demand for this cereal is still missing, while the exporters were not active on a commodity exchange market. The next movements on the domestic market will depend on the Government’s next decisions.

Unlike corn, the wheat market at the beginning of the week was more active. That confirms the realization at a price of 301,68 €/t. The wheat with a minimum 12% protein was traded. During the week, the intensity of demand decreased, and the contract was concluded at a price of 293,18 €/t, at CPT parity. This scenario is not unexpected, given the continuation of the export ban, which led to reduced demand at the end of the week, and thus a drop in a price of 0,12%.

On the soybean market, augmented demand led to a price rise. Like in the previous period, the restraint of the seller was noticeable. The supply of larger quantities still is missing. At the beginning of the week, the commodity exchange trading was at a price level of 665,40 €/t. At the end of the week, the realization was at a price range from 673,90 to 679,85 €/t. The weighted price was 672,88 €/t. Compared with the previous week, there was an upward trend of 2,56%.

Contracts for sunflower meal, 33% protein, were concluded from 348,42 to 382,41 €/t, with delivery in April. The weighted price was 368,82 €/t. Compared with the last data, there was noticed an upward trend of 15,35%. During Friday, the supply was bigger than demand, which implicates the possible price fall.

Russian AN, package 600/1 was traded at 872,45 €/t. The contract for Russian UREA was concluded at 927,61 €/t.

Verica Popov, broker

At the very beginning of the week, the price rise of all agricultural products was noticed. Total turnover was 4.175 tons, which financial value was 1.545.923,40 €. In the middle of the week, due to notice about a possible temporary export ban of corn and wheat, the demand on the domestic market has completely stopped. On Thursday, the Government of the Republic of Serbia adopted the Decree on the temporary ban on the export of basic agricultural products – wheat grains, wheat flour, corn and groats and sunflower oil. The escalation of the conflict in Ukraine has led to serious turbulence in global markets as well.

Until Wednesday, at the corn market was noticed the upward trend. Contracts were concluded from 289,00 to 290,70 €/t, or from 297,50 to 304,30 €/t at the CPT parity. The weighted price for this week was 290,11 €/t. Compared to the previous week, this cereal price rose by 6,08%. After the Decree on the temporary export ban, there was a complete calming of the market, i.e. the absence of demand. In February, 161.629 tons of corn were exported and the total export in the current economic year amounted to 731.158 tons, which indicates that corn is one of the most important export products from Serbia. More than half of the annual corn crop is exported as a market surplus. In the following period, where uncertainty is present, it remains for us to closely monitor the development of this situation.

Wheat was the most traded commodity on the commodity-exchange market. Depending on the quality, contracts were concluded from 297,50 to 306,00 €/t. The weighted price was 302,09 €/t, which is an increase of 4,69%. Given the situation on the international market, it is not surprising that demand and prices in our country have increased. As with corn, no purchase contract has been concluded since Wednesday. During February, 57.389 tons of wheat were exported, and the total export for 2021/22 is 724.544 tons. The top buyer of wheat during February was Italy with 28.257 tons of this commodity. In Europe, volatility is still present in the markets, which imposes great caution when taking positions.

Unlike cereals, the soybean market has been active thought the past week. At parity FCA, contracts were concluded from 654,50 to 663,00 €/t, with a clear upward tendency. The contract on parity CPT was concluded at 667,25 €/t. The supply of larger quantities of this oilseed was missing. The weighted price was 656,20 €/t. Compared to the data from the previous week, soybean prices rose by 1,62%. Apart from the domestic market, prices also strengthened on the foreign market.

At the beginning of the week, the sunflower meal, 33% protein, was traded at a price level of 314,50 €/t, while at the end of the week the realization was at 340,00 €/t, with delivery during March.

The main concern for farmers stays the price increase of fertilizers. On Produktna berza, the contract for UREA, Kutina, package 500/1 was concluded at a price of 900,00 €/t. Contracts for UREA, Russia, were concluded at a price level of 920,00 €/t. KAN, Hungary, package 25/1 was realized at 700,00 €/t.

Feed barley was traded at 280,50 €/t.

Verica Popov, broker

Last week at Produktna berza was marked by a continued price rise, firstly of corn, then wheat and nitrogen fertilizers. The explanation could be found in the geopolitical situation, the war state in Ukraine. Considering that the only port on the Black Sea that is currently available is Constanta, this increase in prices is not surprising. A total of 5.706 tons were traded, with a financial value of 2.065.192,00 €.

During the past week, this cereal was traded in the price range from 250,81 to 284,82 €/t, at FCA parity, with a clear upward price trend, which is evidenced by the fact that the price increase was 13,56%. What is the demand for corn, shows the fact that in the same period was traded corn with moisture from 15% to 16% in the price range from 241,46 to 280,57 €/t, at parity FCA. Any forecasts about further movements of the corn price are completely irrelevant, considering that they exclusively depend, on further developments in Ukraine, at this moment. The weighted price for this week was 273,60 €/t, which represents an increase of 13,31%, compared to the previous week.

The wheat market behaved, similar to the corn market. At FCA parity, the closed prices ranged from 267,82 to 297,57 €/t, with a clear upward weekly trend. The reasons for such movements on the wheat market are completely in line with the movements on the corn market (the war in Ukraine). Any further forecasts in which direction the price will move would be unserious. These days, data have been published on the percentage of Russian and Ukrainian wheat in total world production. Given that this percentage is over 25%, it remains to be seen what world trade will look like in the coming period. This week’s weighted price of wheat was 288,65 €/t, which is 9.51% more than last week’s price.

In Serbia, the soybean market was completely opposite to the corn and wheat market. In the past week, only one sales contract was concluded at 646,16 €/t, at CPT parity. It is interesting to point out that the price of soybean on Chicago’s commodity exchange has mostly increased daily.

Considering that the production of fertilizers depends on the price of energy, it is not surprising that this week’s turnover for UREA ranged from 790,00 to 865,00 €/t, and for KAN from 630,00 to 700,00 €/t. The price trend for nitrogen fertilizers coincides with the price trend for wheat and corn.

Verica Popov, broker

First forward contract for wheat crop 2022 and bullish price trend marked last week on the domestic market. Corn recorded the price high in this marketing year. The situation in Ukraine had a strong impact on markets. It is really hard to predict the consequences of Russian action on the markets, knowing that ports such as Mariupol and Odessa are becoming unusable due to the bombing. In that context, Black Sea export has been suspended resulting in rising prices for all products. The total turnover through Produktna berza amounted to 6.166 tons of commodities, while financial value amounted to 1.830.461,74 €.

A record-high price was concluded on the corn market. At the beginning of the week, this grain was traded at 229,56 €/t, and at the end of the week the price of 249,11 €/t was registered for prompt delivery. Contracts at the parity CPT Danube ports were concluded at 238,91 €/t, with delivery during March. The weighted price for this week was 241,46 €/t, which is an increase of 5,62%. Apart from the domestic one, this price trend was completely correlated with the movements on the foreign market as well. Having in mind this price growth, taking into account the uncertainty of the situation, as well as the great demand for this grain, it remains for us to closely monitor the next period and price changes.

Unlike the previous period, when passivity was noted on the wheat market, at the end of the week, due to movements on the world political scene, there was an increased demand, and thus an increase in prices. Contracts were concluded from 255,06 to 263,57 €/t, with delivery by April 30. The first forward contract for wheat crop 2022 at parity FCA was realized at 238,06 €/t. The traded quantity was 500 tons, with the delivery from July 8 to 30. Given that the price is above all expectations, it is now up to the farmers to decide whether to sell part of the future crop.

Soybeans had an upward trend after last week’s absence from trading on the commodity exchange market. During the week, the price ranged in a wide price range from 637,66 to 663,17 €/t. It was traded exclusively with the calculation of quality, and the realization of 663,17 €/t was with the delivery in March/April. On the last day of this week, there was an impression that the supply is higher than the demand. The weighted price was 645,91 €/t. Compared to the previous data, soybean prices rose by 1,91%.

AN (Kutina), package 25/1, was sold at the price of 740,00 €/t, while the Russian AN 900/1, was concluded at the price of 715,00 €/t (at parity CPT). Contracts for UREA were concluded from 760,00 €/t to 786,00 €/t. A drop in prices was recorded for nitrogen fertilizers.

Verica Popov, broker