BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Agriculture

Russian wheat hits 47-month high as supply thins out

LNG

European LNG chronicles: The Russia question

Agriculture | Biofuels

Biofuelscan

Agriculture | Electric Power | Natural Gas (North American) | Oil | Metals | Petrochemicals

North American Digital Commodities Summit, 2nd Annual

Agriculture

UK launch of E10 won't be until 2021: government official

Russian wheat hits 47-month high as supply thins out

London — Russian deep sea 12.5% protein wheat has soared to its highest in 47 months as length in Russia's southern regions thins out.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

S&P Global Platts assessed prompt loading 12.5% protein wheat at $241.25/mt Thursday, a surge of $3 on the day as bids climbed to catch higher asking prices.

Related article: Russian wheat demand from Turkey to strengthen despite price increases

After Egyptian state grain authority GASC's tender Wednesday, H1 February-loading FOB Handysize offers rose $2 on the day to $242/mt Thursday while bids appeared at $240/mt.

For later loading periods prices were even firmer as sources expect wheat availability to be even thinner due to expectations of wheat demand remaining steady.

"Russia is pricing more business than it can realistically service," a source said, adding: "GASC showed that 11.5% [protein wheat is] becoming much harder to find in Russia."

Daily Grains

Do you want to have access to transparent and relevant real-time news, market commentary, analysis and data on the grains market before competitors do? Click the link below and we will send you 10 issues of Daily Grains free to preview.

Free Trial

The shortage of wheat is also impacting shipowners who are mulling whether to hold out in the Black Sea region or move their vessels elsewhere.

The shortage of cargoes to load in the region saw S&P Global Platts' Nikolaev to Alexandria dry freight route strengthen 50 cents on the day to $17/mt Thursday.

But with fewer spare cargoes to load due to most of the wheat in silos already being committed and availability of excess wheat being low, freight could continue to rise due to shipowners pulling out, source said.

Overall, market participants remain bullish on global wheat prices with expectations of Russian wheat surpassing the $250/mt mark.

March loading is already bid at $245/mt and offered at $248/mt.

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

--Samuel Eckett, samuel.eckett@spglobal.com

--Edited by Alisdair Bowles, newsdesk@spglobal.com