Prices for milling wheat decreased by $5–6/t

The decline in activity of traders and exporters towards ports has significantly weakened support for wheat prices, Spike Brokers reports.

“The collapse in prices for milling wheat began first by $5-6/t, while the price of feed wheat lost less — $1/t,” — brokers note.

The increase in wheat supply on the international market from Russia and the expected harvest from Canada and Australia has significantly increased the confidence of global importers in the availability of sufficient supply. The active struggle for the wheat sales market is just beginning, Spike Brokers believe.

The spot index for milling wheat 11.5% protein with delivery to the port within 30 days decreased by $4 — to $216/t. The feed wheat index also decreased by $1 — to $209/t.

Tags: Ukraine, prices, wheat