In the second half of 2024, durum wheat prices moved through a complex cycle shaped by uneven global supply and competitive export dynamics. At the start of H2, prices showed initial firmness, supported by tight global inventories and strong demand from North African and European buyers. Weather-related crop issues in countries like France and Italy contributed to a decline in local availability, encouraging imports and lifting global demand.
However, as the months progressed, rising production from key exporters like Canada and Turkey added downward pressure. Canada reported a significant year-on-year jump in output, which created surplus availability, while Turkey’s unexpectedly large harvest increased market competition. These developments limited any strong price rally, even as demand remained steady in traditional importing nations.
Moreover, Russia’s quality issues with its durum crop and reduced competitiveness in the Black Sea region briefly lifted market sentiment. Still, the overall global supply picture improved enough to keep prices from rising significantly. Export competition, especially from Turkey, further weighed on price momentum. Although Canadian exporters saw decent early sales, logistical disruptions and moderate demand kept the pace below potential.