Asian millers are caught in the trap of high wheat prices

Asian millers are caught in the trap of high wheat prices

Earlier, some of them purchased milling  wheat for August - September shipment. Since early June, high-protein wheat quotes in Kansas City and Minneapolis rose by 30% and in Chicago by 25 %.

Some processors believe current prices are temporary and do not buy now. They expect a depreciation of prices. In the opinion of others current prices will remain stable.

In the spot market, Western, Canadian, red, spring wheat is available at $ 350 / mt, C&F given $ 260 / mt, C&F a month earlier.

US spring wheat with 13.5% protein content is available at $ 370 / mt, C&F Asia (280).

Australian premium white  is quoted at USD 273 / mt, C&F (243). Australian standard white is available at $ 263 / mt, C&F (233).