Asia seen buying more Black Sea wheat as rain boosts yields

Black Sea wheat is likely to regain its market share in Asia as suppliers slash prices for new crop cargoes to lure buyers, with rains boosting yields in leading producers Russia and Ukraine.

More Black Sea shipments to Asia could offer stiff competition to Australia, the world’s fourth-largest exporter of the grain, already struggling with slower sales this year on faltering demand from China and other importers.

Black Sea wheat to Asia for July-August shipment is being offered at $210 a tonne, including cost and freight, down from $240-$250 a tonne two weeks ago.

That compares with $245 a tonne C&F for a similar standard of Australian wheat.

Black Sea sales to Asia could climb to around 6-7 million tonnes in the year to June, 2016, a level not seen for a couple of years and up from an estimated 4-5 million tonnes in 2014/15, two grains traders said.

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Posted in: Indian Market Tips