The cause
According to Cai, the causes of the lowering of the price are to be found in speculation on the financial markets, Chicago in the lead, as well as in the choice of the buyers’ cartel, which for a couple of weeks have not bought any more products, causing prices to drop. A decline also linked to recent news on the abundant harvest in Canada, the largest producer of durum wheat in the world. According to farmers, information disseminated only to induce Italian cereal growers to sell immediately, triggering a spiral of falling prices.
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According to the association, the situation risks becoming unsustainable for many farms that have invested in recent months despite the increase in diesel and fertilizer costs due to expensive energy and the war in Ukraine. Also significant was the non-listing of the Commodity Exchange of Foggia where last 13 July, in protest, Cia, Confagricoltura and Coldiretti did not appear for the survey of durum wheat prices fearing that the price could in fact fall below 50 euros per quintal, as happened in Bologna, due to speculation: Wheat goes down and pasta goes up.
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In this complicated time, Cai says it is committed to creating supply chain contracts capable of guaranteeing a fair price for farmers and quality products to transformers. However, a call to the responsibility of all the players in the supply chain is necessary so that we can truly be united in this difficult moment. Meanwhile, the next meeting between the delegations of Turkey, Russia, Ukraine and the United Nations on the wheat issue will take place on 20-21 July.
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