CRM Agri have reported on weakened wheat prices

Chinese importers bought 110 000 t of US soft red winter wheat, the type traded in Chicago, the United States Department of Agriculture (USDA) said.

The purchase took above 900 000 t total 2023/2024 purchases of US wheat by China, whose own crop was damaged, particularly in quality terms, by rain.

Separately, countries such as South Korea and Tunisia were reported as buying wheat at tender, as well as Algeria, which ordered an estimated 90 000 - 100 000 t at about US$277 cost and freight.

This as the market absorbed the news of a Russian strike on port infrastructure in the Ukrainian port of Odessa, provoking fresh worries over Ukraine’s grain exports.

Chicago wheat futures for March 2024 added 1.1% in late morning deals, while the Paris March 2024 milling wheat contract gained 0.5% to expand its cushion above the much-watched €230/t mark.

London feed wheat for May 2024 edged 0.5% higher in late trading, gaining support too from a decline in the pound, before closing slightly down. This reflected tax giveaways in UK Chancellor Jeremy Hunt's autumn statement, as well as strength in the dollar on upbeat US weekly jobs data.

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