Russian wheat is cheaper on record-high on-farm stocks. Will this convert into aggressive exports in 21/22?
Russian wheat tumbled on higher supply from farmers amid approaching new crop and record-high on-farm stocks.
Why Russian wheat is not competitive today
Egyptian GASC is holding a new wheat tender today for 8-22 August shipment. It looks like Romania and perhaps Ukraine could be the winners today. Why Russian traders are cautious sellers?
Black Sea wheat moved lower again but global benchmarks are on the rise
12.5% wheat prices in Russian deep-sea ports dropped $4 to $244/mt. The market was under pressure of weak demand which can increase short-term thanks to higher global benchmarks.
Russian wheat floating tax explained, GASC returns to the market
Egyptian GASC is holding a wheat tender on April 6 for August shipment. We believe that the Egyptian firm could return to the market to test how the new Russian floating tax will affect offers. Andre explains how it’s calculated.