Are The Shops Still Open?
They are in Russia it seems, drought or no drought. Our old mates Egypt managed to pick up offers of USD238/tonne from Cargill and USD239.50/tonne from Bunge for Russian wheat over the weekend in their latest tender, according to GASC.
Those offers were around USD20 under the cheapest French wheat put up by Nidera on a two ports of loading basis.
Russia clearly hasn't sold out just yet, and what it has left to sell is still comfortably blowing EU (and US) wheat out of the water. The cheapest US wheat was USD262.25/tonne incidentally, and there's a higher freight cost to add on top of that too.
The Cargill offer of USD238/tonne represents a USD27/tonne, or 13%, increase on the cheapest wheat offered in their last tender a fortnight ago. As recently as the end of June they were picking up Russian wheat for only USD165/tonne.
Those offers were around USD20 under the cheapest French wheat put up by Nidera on a two ports of loading basis.
Russia clearly hasn't sold out just yet, and what it has left to sell is still comfortably blowing EU (and US) wheat out of the water. The cheapest US wheat was USD262.25/tonne incidentally, and there's a higher freight cost to add on top of that too.
The Cargill offer of USD238/tonne represents a USD27/tonne, or 13%, increase on the cheapest wheat offered in their last tender a fortnight ago. As recently as the end of June they were picking up Russian wheat for only USD165/tonne.