Turkey Reaches Record with 23 Million Tons of Wheat
· AA Tarım & Ekonomi
Amidst global market pressures from climate anomalies and high freight costs impacting wheat prices, Turkey has secured a strong buffer for domestic and international markets with a record harvest exceeding 23 million tons.
Value Added and Product Distribution in Exports
According to data from the Turkish Exporters Assembly (TİM), the average export unit price per kilogram for the cereals, pulses, oilseeds, and products sector increased by 6.5% to reach $1.1. Sunflower oil exports saw a 21.2% rise compared to the same period last year, reaching $769.3 million and making it the top export product group for the sector. In the same period, exports of chocolate and cocoa-based products amounted to $588.7 million. Iraq ranked first among country-based markets with a trade volume of $855.9 million, followed by the US with $538.5 million in exports.
Climate and Freight Pressure in Global Markets
Stating that global agricultural trade is facing climatic anomalies and geopolitical crises, TİM Cereals, Pulses, Oilseeds and Products Sector Board Chairman Nihat Uysallı reported that El Nino and extreme heat in the US, France, Germany, and Australia have reduced yields. Drawing attention to the fact that this situation has pushed wheat prices above $7 per bushel, TİM Cereals, Pulses, Oilseeds and Products Sector Board Chairman Nihat Uysallı stated:
"Although prices in the Black Sea have declined on paper, it is observed that wheat purchases from the region have decreased due to high freight differences caused by the war risk premium in Baltic and Romanian ports. Under these conditions affecting global commodity flows, our food industry is trying to proactively manage operational and logistical risks in its raw material supply lines with the strength derived from its flexible supply networks and high processing capacity."
Strategic Security with Record Wheat Harvest
Emphasizing that Turkey has a strong production buffer against price volatility and logistical disruptions in international food markets, Nihat Uysallı stated that the domestic wheat yield this season has exceeded 23 million tons, reaching historic levels. Uysallı noted that the Turkish Grain Board's (TMO) purchase guarantee, reaching 11 million tons, has greatly contributed to domestic market stability, and the high yield achieved constitutes a strategic reserve for Turkey against global supply shortages.