ASIA WHEAT ROUNDUP: Australian prices hit 13-month high in July amid Russia-Ukraine escalation
Australian wheat prices hit a 13-month high in July, as Russia and Ukraine increasingly exchanged strikes on port infrastructure and commercial vessels, critically disrupting Black Sea shipments during their new crop harvest window. Australian prices rally in July, buyer interest limited Platts, part of S&P Global Energy, assessed Australian Premium White wheat at $289/metric ton ...
Australian wheat prices reached a 13-month high in July due to disruptions caused by Russia and Ukraine's strikes on port infrastructure and commercial vessels in the Black Sea during their harvest season. Premium White wheat prices increased from $289/metric ton on July 1 to $289/metric ton on July 31, while Standard White prices rose from $282/mt to $282/mt over the same period.
The surge in prices was driven by expectations of shift towards non-Black Sea origins, including Australia, following port and vessel attacks. Trade sources reported a surge in inquiries from Southeast Asian buyers, but the rapid price increase deterred regional buyers, resulting in fewer bulk shipment trades. Crop conditions were positive across most of Australia, with rainfall except in northern New South Wales and Queensland.
The El Nino's impact on the 2026-27 crop was uncertain, depending on its timing. Buyers in Asia switched to Argentine wheat for shipment between August to October, as Australian wheat prices exceeded $310/metric ton during the period. High global wheat prices were anticipated to support a wide feed wheat-corn spread, particularly in the Philippines, due to the regions' inelastic demand for feed wheat.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
