Wheat to trade higher
Wheat market prices have continued to rise as China purchased 1.36 million mt of wheat in the US and Russia has confirmed that export tariffs will be raised to EUR 50/mt as of 1 March. Russia has, however, dropped the export quotas. Algeria issued a new tender on Tuesday, which may be mainly supplied from France. The Saudi Grains Ogranization (SAGO) has ordered 660,000 mt of barley for March and April. FAS estimates Australia's wheat production at 31 million mt, which more than doubles last season's drought-ridden production of 15.2 million mt.