Activity on Serbia’s primary commodity trading platform, the Produktna berza in Novi Sad, has experienced a significant decline in mid-January 2026. Participants have reported a notable drop in both trading volume and overall market dynamism during the latest trading week. Key factors contributing to this downturn include fluctuating price expectations, inconsistent supply levels, and a persistent discrepancy between sellers’ asking prices and buyers’ willingness to pay.
According to the exchange’s weekly report, the total traded volume reached 1,621 tonnes of agricultural and commodity products, generating a financial turnover of RSD 45,738,796 (approximately €390,000). This figure represents a marked decrease compared to previous weeks.
In the corn market, which is typically the most active segment of the Produktna berza, contracts were executed within a narrow price range of RSD 21.00–21.50 per kilogram (excluding VAT), with a volume-weighted average price of RSD 21.06/kg. This reflects a modest increase of about 2.6% from the prior reporting period, despite the overall reduction in market activity.
The week was characterized by considerable volatility in supply offers for corn. Sellers frequently adjusted their posted quantities and pricing expectations, while buyers adopted a cautious approach, adhering to tighter price ranges. This led to slower matching processes and fewer completed transactions.
In terms of wheat trading, initial demand early in the week surpassed offer volumes; however, this trend shifted as more sellers entered the market without an equivalent rise in buyer interest. Consequently, trade execution weakened and deal flow diminished. Wheat contracts fluctuated between RSD 20.00 and RSD 20.20/kg (excluding VAT), with an average price reflecting a slight increase of around 0.2% compared to the previous period.
Soybean trading remained lackluster throughout the week, with limited activity observed as few buyers expressed readiness to transact at current offer prices. Sellers appeared hesitant to offer substantial quantities due to dissatisfaction with existing price levels and uncertainty regarding future demand.
The report also noted ongoing trading in agricultural inputs such as fertilizers. Contracts for urea products continued to be finalized on the exchange, with various packaging grades reflecting different price points. Bulk urea deals ranged from RSD 50.38/kg to RSD 52.37/kg (excluding VAT), driven by consistent demand from producers preparing for spring planting, despite lagging primary commodity volumes.
Analysts attribute the decline in trading volume at Produktna berza to several structural and cyclical factors. A significant mismatch between seller expectations and buyer willingness—particularly for grains—has been observed as producers are reluctant to lower prices while awaiting stronger domestic bids or export demand signals. Broader agricultural market conditions also play a role; previous reports indicate that when supply exceeds buyer interest, turnover tends to shrink and price discovery becomes less efficient.
This sluggish trading environment is not exclusive to Serbia; similar trends have been noted across other European agricultural exchanges where supply outpaces immediate demand. Global price volatility has prompted market participants to delay commercial decisions, impacting farm-level cash flow and short-term supply chain planning.
A sustained period of low throughput on the Produktna berza could have broader implications for Serbian agriculture and commodity pricing. As the central venue for price discovery and contract formation for cereals, oilseeds, and other primary agricultural goods, reduced activity may lead to wider bid-ask spreads and increased reliance on bilateral negotiations outside formal markets.
Farmers may face uncertainty regarding harvest pricing and revenue forecasts in such an environment. For downstream processors, challenges in securing reliable forward contracts could compress margins. Additionally, diminished exchange activity may hinder investment decisions within the agricultural supply chain or prompt alternative contracting methods outside traditional frameworks.
While recent figures indicate softer trading conditions, market participants are likely to monitor developments closely as seasonal planting and harvest cycles progress. An uptick in export demand for grains or more competitive bids from feed producers could help restore trading volumes; however, continued hesitance from either side could extend the downturn in exchange activity.
The Produktna berza’s report for the week ending January 16, 2026 illustrates the fragile balance between supply offerings and demand appetite within Serbia’s agricultural commodity markets and how this imbalance directly influences trading volume and price formation.
