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Lithuanian expert: grain price may continue to slump
BC, Vilnius, 29.09.2014.
Print version
Print versionGrain market analyst Tadas Povilauskas of the Lithuanian agricultural companies' Group Litagra says that grain price may continue to fall due to both a record harvest and competition of alternative cultures grown by Australian and South American cultivators, informs LETA/ELTA.
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The expert says that a hard fall of wheat price on the world market over the last weeks can be explained by the fact that speculative selling became more active as the threshold of EUR 170.5/tonne, considered as the price support level, was crossed. Povilauskas says that the grain price may continue to slump even more.
"This year, wheat prices have been suffering drops not only because of a record harvest in the major production countries but also due to a good harvest of alternative cultures such as grain maize," he said.
In the view of Povilauskas, the current wheat price on the market – EUR 150/tonne – may be only temporary and will see a fall unless some unexpected positive factors arise.
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