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First Quarter of 2023 in Europe Wheat Prices

Over the first quarter of 2023, there were fluctuations in the Wheat Prices in North America, and the first month of the quarter saw a fall in prices. Because of the lack of demand and easy access to supplies in the domestic market, Wheat prices have been continuously declining. A decrease in prices is seen in the second month of Q1 as a result of favorable weather in the Northern Hemisphere.

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First Quarter of 2023 in Europe Wheat Prices

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  1. First Quarter of 2023 in Europe Wheat Prices North America Over the first quarter of 2023, there were fluctuations in the Wheat Prices in North America, and the first month of the quarter saw a fall in prices. Because of the lack of demand and easy access to supplies in the domestic market, Wheat prices have been continuously declining. A decrease in prices is seen in the second month of Q1 as a result of favorable weather in the Northern Hemisphere. The oil and gas industries need for shale gas was also sufficient. In the final month of the quarter, there were enough inventories, and the weather returned to normal, which helped the forecast for output. This has exacerbated the price drop of Wheat in North America. Towards the end of Q1 2023, the price of Wheat was recorded to be USD 340/MT for FOB Chicago (USA) in March 2023. Asia Pacific Wheat prices in the Asia-Pacific area fluctuated in the first quarter of 2023 as a result of concerns about the state of the crops in several significant exporting countries. The price climbed in the first half of Q1 as a result of high demand, an imbalance in supply and demand, and the war's detrimental consequences on Ukraine's manufacturing prospects. India also produces a significant portion of the world's food grains, which are impacted by heavy rains, low productivity, and high demand from the end-use industries. As a result of heavy rains and low yields in India, the domestic market saw lower production in the second month of the second half of Q1. The price of Wheat was estimated to be USD 269.53/MT for Ex-Indore in March 2023. Europe The first quarter of 2023 saw fluctuations in Wheat price in Europe, helped by a price increase in the first month of the quarter because of a rise in demand. Grain shipments from Ukraine were restarted in the first half of Q1 in an effort to maintain a global downturn. As a result, food and fertilizer were made available. Due to the abundance of inventories on the domestic market later in Q1's second half, the price was continually declining in line with the product's pricing. Wheat prices rose in the last month of the quarter in the domestic European market as a result of a poor yield, a little rise in crop production and harvesting area, and the impact of the conflict in the region. Towards the end of Q1 2023, the price of Wheat was recorded to be USD 282/MT for FOB Novorossiysk Russia in March 2023. ChemAnalyst addresses the key problematic areas and risks associated with chemical and petrochemical business globally and enables the decision-maker to make smart choices. It identifies and analyses factors such as geopolitical risks, environmental risks, raw material availability, supply chain functionality, disruption in technology and so on. It targets market volatility and ensures clients navigate through challenges and pitfalls in an efficient and agile manner. Timeliness and accuracy of data has been the core competency of ChemAnalyst, benefitting domestic as well as global industry in tuning in to the real-time data points to execute multi-billion-dollar projects globally.

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