Asia intensifies wheat procurement in Black Sea region — estimate
Flour mills in Asia are expected to increase wheat purchases as grain prices in the key supplier, the Black Sea region, fell last week amid expectations of a good harvest, Refinitiv Agriculture writes.
As reported, Black Sea old crop wheat is valued at USD 245 per ton C&F for supply to Asia vs. USD 250 per ton in late February.
New crop wheat is offered at USD 225 per ton vs. USD 230 in late February.
"It is likely that the harvest will start early, in June, and thus the grain will be available in July," said one of the traders.
Since the start of 2019/20 (July 2019 – June 2020), Ukraine has supplied 41.7 mln t of staple grains to foreign markets. As of Mar. 6, agricultural commodities shipment increased by 8.12 mln t from the prior year's comparative period.