"ISTANBUL, NOT CHICAGO, WILL DEFINE THE WORLD WHEAT MARKET"

"ISTANBUL, NOT CHICAGO, WILL DEFINE THE WORLD WHEAT MARKET"

• 18.05.2018

Günhan Ulusoy, Chairman of the Turkish Flour Industrialists' Federation (TUSAF), said that the world wheat market could be determined in Turkey soon. Stating that Chicago has lost its importance, Ulusoy stated that the technical infrastructure of Russia, the world's largest flour exporter, is not ready. Ulusoy stated that Istanbul may be the center where wheat prices are determined in the near future. Talking about the project prepared by the government, Ulusoy noted that wheat prices will be determined in Istanbul from a single source with the market study prepared in Borsa Istanbul Futures Market (VIOP).

"Transition from 9 Separate Parts to a Single Exchange"

Saying that wheat prices are traded in 9 different exchanges in Turkey, Ulusoy states that this brings difficulties in terms of market regulation, and as such, it is necessary to look at 9 different places to follow up: "It is difficult to intervene in all of them at the same time. This is a great challenge for TMO. It cannot carry out the regulation in this way. Therefore, they must be traded on a single exchange." said.

"Waiting for Change"

Stating that the study has not been implemented yet, Ulusoy said, "We expected it to reach this year. An agreement was made in Borsa Istanbul, but it has not been implemented yet. The sector is waiting for it." he said, "We are a candidate to be both the granary and the grain exchange of the region. We will not follow America, but the world will follow us, but we are late." he added.