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CIF Marmara wheat market offers fall on lower freight: traders

London — Offers on the CIF Marmara wheat market fell Wednesday as lower freight from the Azov to the Marmara Sea allowed sellers to submit more competitive offers, with traders predicting market activity would pick up as a result.

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Freight from the Azov Sea to the Marmara Sea was heard at $45, down $2 on the day.

Offers on CIF Marmara 12.5% protein Russian wheat were heard at $205/mt Thursday from $207/mt earlier in the week. Indicative bids were heard at $202/mt for December-January shipment, down from $205/mt earlier in the week.

Offers on 13.5% protein wheat were heard at $218/mt, down $2 from earlier in the week, with bids at $215/mt, unchanged from earlier in the week.

There is a lot of high protein material on the Turkish market, putting additional pressure on sellers, sources said.

--Sofia Likhacheva, sofia.Likhacheva@spglobal.com

--Edited by Jonathan Fox, jonathan.fox@spglobal.com