Asian wheat buyers are in the market looking to book Black Sea and European cargoes with the decline in prices this week attracting millers.
“We are expecting some business to resume as Chicago futures as well European prices have declined,” said one Singapore-based trader who sells wheat to flour millers in Southeast Asia. “Most millers are covered until August, they will be looking for September shipments.”
Chicago wheat futures have lost more than 10% this week, the biggest decline since early April on optimism over a deal to resume grain exports from Ukraine which have been stalled by the war there.
Romanian wheat was quoted at around $415 a tonne, including cost and freight (C&F), to Indonesia this week as compared with $450 a tonne, C&F, a few weeks ago.
Source: Reuters (Reporting by Naveen Thukral; Editing by Lincoln Feast.)
