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Product market: Prices of wheat and corn are falling on the Serbian market

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The prices of wheat and corn on the domestic market are falling, and on the foreign market they have started to rise slightly, said Anja Jakšić, the representative of the Product Exchange in Novi Sad today.

“The prices of those cereals at the beginning of this year in Serbia were higher compared to the prices at the end of 2022, but due to the higher supply, corn became cheaper by 2.5 percent compared to the beginning of the year and was sold at a price of 31.20 to 31. 80 dinars per kilogram, without value added tax (VAT), and with that tax it cost from 34.32 to 34.98 dinars,” said Jakšić.

She added that there is a similar price trend for wheat, which has become cheaper by 3.8 percent compared to the beginning of the year and was sold at a price of 33 to 34.50 dinars per kilogram, excluding VAT, and at 36.30 to 37. 95 dinars with that tax.

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Jakšić said that the prices of those grains on the international market have had a negative trend since the beginning of the year, but they started to rise in the past weeks.

Last week, the price of corn on the stock exchange in Chicago increased by 1.8 percent compared to the beginning of the year and is currently being traded for $268.65 per ton, or 29 dinars per kilogram, excluding VAT.

According to her, wheat is traded on that exchange at a price of 276.47 dollars per ton, ie 29.85 dinars per kilogram, excluding VAT, which is about three percent lower than at the beginning of the year.

On the Paris stock exchange, the price of corn was lower and amounted to 278.50 dollars per ton (32.69 dinars per kilogram, excluding VAT), and at the beginning of the year it was 292.50 dollars per ton, which was more than five percent compared to the current one.

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At the beginning of the year, wheat was traded on that exchange at a price of 303 euros per ton, and the current price is 288.75 euros per ton (33.89 dinars per kilogram, excluding VAT), which is also a drop of five percent.

Jakšić said that now the prices of wheat and corn on the domestic market are higher and that they are not competitive with foreign ones.

“The current prices of wheat and corn in Serbia are higher compared to prices abroad. In the previous period, there were a lot of Ukrainian goods on foreign markets at a lower price than on the domestic market, and also the prices of these grains in Hungary are more competitive compared to ours “, said Jaksic.

She added that in order for the export of those grains from Serbia to start, domestic prices need to be equalized with foreign ones. According to her, the Black Sea region is oversaturated with Ukrainian wheat.

“Huge stocks remained trapped in this region because of the war in Ukraine, which put its stocks on the market, which brought down the prices of that product,” Jakšić said.

She said that, judging by the current situation on the world wheat and corn market, an increase in those prices cannot be expected.

“Domestic producers should monitor the price movements on the world market, which will also depend on the prices on the domestic market,” said Jakšić.

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