Source: APKinform (Ukraine)
Global wheat prices stabilized last week, with the exception of Argentine wheat prices, which continued to fall, Interfax reports, citing data from the Rusagrotrans analytical center.
“Prices for Russian wheat (protein 12.5%) for delivery in November remained at $229 per ton (FOB). Argentine wheat fell by $7 to $208 per ton, while American wheat rose by $1 to $228 per ton. Prices for European and Australian wheat remained at the previous week’s levels,” analysts said.
Experts cited Algeria’s purchase of 570,000 tons of wheat for December delivery at $258.5 per ton (C&F), amounting to $226 per ton on an FOB Novorossiysk basis, among the factors affecting the price situation.
Analysts also reported that the wheat exchange market is growing, but there are still no fundamental factors to support it.
“Wheat futures strengthened with speculative funds covering shorts and rising corn/soybean prices. Corn and soybean futures strengthened amid hopes for the success of US-China negotiations on the purchase of American agricultural products, as well as the rise in US oil prices after the introduction of US sanctions against Russian oil companies,” the center clarified.