Same song sheet in western canada darn russian #wheat

Commodity Marketing


Same song sheet in western canada darn russian #wheat

Feb 8, 2018 | 03:24 1 SINGAPORE, Feb 8 (Reuters) -

* Flour mills in Asia are seeking Black Sea wheat for shipments in March-April, typically the peak marketing season for the Australian crop, because of ample global supplies and competitive prices, trade sources said.

* Wheat cargoes with 11.5 percent protein from Ukraine are being offered at $225 a tonne, including cost and freight (C&F), compared with Australian Premium White wheat quoted at $253-$255 a tonne.

* “Black Sea prices have gone up due to a rally in Chicago futures, but the Australian wheat is even more expensive,” said one Singapore-based trader. He declined to be identified as he was not authorised to speak with media.

* Chicago wheat futures have gained 4.6 percent in the last two sessions, buoyed by concerns over U.S. weather and short-covering by investors. The market was trading down 0.2 percent at $4.59-1/2 a bushel by 0545 GMT.

* Australia, the world’s fourth-largest wheat exporter is forecast to produce 20.3 million tonnes of wheat this year, 42 percent below last year’s record crop of more than 35 million tonnes.

* But world wheat supplies are abundant following bumper production in some exporting countries, including Russia. Reply With Quote