Rains over the last 24-hours are helping to build up soil moisture ahead of winter wheat planting. Estimates are running 200,000-500,000 MT for 18/19 all wheat export sales in the week that ended on August 9. US SRW FOB prices are now below Russia, though they do benefit from cheaper freight prices into the eastern Mediterranean.
Jordan continues buying streak as it picks up more wheat
Jordan’s state grains buyer JSSGC continued its three-week wheat buying spree as it picked up 60,000 mt of milling wheat.
Wheat fell in price USD 249.76/MT C&F in Egypt tender
Egypt purchased 420 KMT of milling wheat from Russia & Romania to be delivered on September 21 – 30 and October 1-10, 2018 at an average price of USD 249.76/MT C&F. The price in the previous tender equaled USD 253.31/MT C&F.
Ukraine exported a total of 959,960 tonnes of wheat in July
Asian and Middle East countries were the leading buyers of Ukrainian wheat in July, the first month of the new 2018/19 season. Ukraine is among the world’s major wheat exporters and sold a total of 17.2 million tonnes of wheat abroad in the previous 2017/18 season. n July, Ukraine exported a total of 959,960 tonnes of wheat. The data showed that Ukraine exported 103,973 tonnes of wheat to Israel, the leading importer of Ukrainian wheat last month. It also exported 90,650 tonnes of wheat to Philippines, 74,957 tonnes to Egypt and 63,070 to Italy.
US Wheat harvest starts, yields could be record-setting
The wheat harvest has started and it could be a record year for North Dakota farmers. Rain in June, the heat in July and warm weather recently are contributing to a great yield. It’s allowing farmers to get out into the fields and start harvesting the more than 7 million acres of wheat planted this spring.
Bangladesh to increase wheat imports 10% in 2018/19
Bangladesh will import around 6.5 million mt of wheat in the next marketing year.
Demand seen returning to Russian wheat at $225/mt
Deep sea port Russian 12.5% protein wheat market participants expect buyers to return to the market at $225/mt as market prices fall in an attempt to tempt buyers back. Destination demand has slowed considerably in the last few weeks as buyers balked at surging costs, preferring to dip into their stockpiles. The softer fundamentals were also reflected by S&P Global Platts 12.5% protein wheat assessment. Prompt-loading was assessed at $228.25/mt, down $6 on the week but still clinging onto its 41-month high.