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Russian wheat demand from Turkey to strengthen despite price increases

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Russian wheat demand from Turkey to strengthen despite price increases

London — Demand for Russian wheat in Turkey is expected to strengthen over the coming weeks despite firmer due to good flour sales keep demand for wheat afloat.

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The "Continuous flour sales," are giving flour millers in Turkey an added incentive to keep purchasing wheat even with high replacement and input costs, a source said.

Related article: Russian wheat hits 47-month high as supply thins out

This in addition to a Trade Ministry regulation, which stipulates that any exported flour from Turkey must be produced from imported wheat.

Russian wheat prices are currently surging due to low supply availability near ports, pushing any originators to look much further afield, which coincidental adds higher logistical costs.

CIF-Marmara 12.5% protein wheat coastersize bids for shipment in January and early February have risen $4 through the week to $240/mt Friday.

Trades earlier in the week at $240/mt and deep water vessel trades for January-loading position has supply dwindle on the very prompt, injecting further strength into the market.

Turkey has imported in around 2.5 million mt of wheat this marketing year, similar to levels seen last year despite buyers seeing a weaker Turkish lira and experiencing far more difficulty in accessing credit.

--James Colquhoun, james.colquhoun@spglobal.com

--Edited by James Leech, newsdesk@spglobal.com

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