Asian importers retain from buying Australian wheat as they await the new crop from the Black Sea region

04 May, 2017
Asian importers retain from buying Australian wheat as they await the new crop from the Black Sea region
With the rise of the price of Australian wheat over the past week Asian buyers' interest in new purchases is declining.

Australian standard white wheat (ASW) with 9% protein is now being offered at price of 219 - 221 USD/mt,  C&F  Indonesia with August to September shipment. This is by 7 - 9 USD/mt more than the previous week. The price of Australian wheat rose on Tuesday after a massive search for contracts with July-July delivery. The retention of sales by farmers had its impact on prices.

According to traders, the countries of the Black Sea region will be able to offer competitive prices. Now Black Sea wheat with 11.5% of protein is at prices from 197 to 198 USD/mt, C&F, which is fairly below the level of Australian wheat. Even soft wheat from the US is now 13 to 15 USD/mt cheaper than the Australian.