Constanta, whose natural harbor on the Black Sea has welcomed ships since at least the sixth century B.C., is emerging as Europe’s biggest grain transport hub.
Wheat fell to the lowest in almost three weeks in Chicago and corn declined amid speculation that tension between Ukraine and Russia will ease, improving the prospects for the Black Sea region’s grain exports.
Ukraine and Russia are still expected to be “major exporters” of grain in the 2014-15 season, even amid political unrest that has embroiled the two countries, Oil World said.
Wheat futures rose this morning amid expectations that demand for supplies from the U.S. and Europe will increase as exports from the Black Sea region slow.
Japan bought 89,579 metric tons of western-white wheat from the U.S. today, the first purchase since the government banned the grain after the discovery of an unapproved GM variety in Oregon.
Wheat futures slid to a one-year low, extending the longest slump since 2005, on signs of record global output and reduced demand for supplies from the U.S.
It is set to beat McDonald’s and Starbucks in becoming the first fast-food chain to sell the pastries without gluten, the protein found in wheat, rye and barley.
Wheat may extend a slump in the year starting in July as farmers are set to boost production globally and as demand declines for the grain in livestock feed, an Australian government forecaster said.
